Confidence Remains In Housing Market

6th October 2021 posted in SELLERS LANDLORDS

At Country Properties, we know the housing market is robust, and that people try to make the best out of bad situations. There hasn’t been a lot to love in 2020 and 2021, but the housing market has remained in strong condition, and a lot of households have enjoyed moving to a new home.

Of course, there has been a lot of support in place for people, and with some of these support mechanisms no longer in place, it is natural to consider how the market will perform as we move forward.

Things have changed of late for many people and businesses

A study carried out by the Building Societies Association Quarterly Property Tracker suggests confidence remains high in the property market, even though Government support has stopped for many people and businesses. The Coronavirus Job Retention Scheme ended on Thursday 30th September, after a period of 529 days.

While additional redundancies might take place, the study suggests a risk of job loss as a barrier to homeownership is less of a concern now, than it has been over the past year.

·       In September 2021, only 34% of respondents were worried about this

·       In June 2021, 45% of respondents were concerned

·       In September 2020, 68% of respondents were worried about a job loss impacting their property ambitions

The Stamp Duty Holiday Scheme also ended on Thursday 30th September, but it appears as though some people remain confident in buying a home. The study showed:

·       26% think now is a good time to buy a new home

·       25% of people believe now is not a good time to buy a new home

It might be stretching things to suggest this represents a net confidence of 1% in the housing market, but this is how statistics are represented. With respect to house prices, 46% of respondents expect house prices to rise in the next 12 months.

We are here to support people making moves in Biggleswade housing market

If you are selling your home without having to buy another home, this is a positive state of affairs, but most people will have concerns about house prices continuing to increase.

Paul Broadhead, Head of Mortgage and Housing Policy at the BSA, said: “These latest results are a positive sign that despite the end of some of the coronavirus support measures this month, it appears that the housing market will continue to remain buoyant. It’s very encouraging to see that the energy efficiency rating of a property is high on consumers’ radar when buying a new home. However, whilst people can recognise the tangible value of making environmental improvements, it’s disappointing that so few have actually made changes to their own property.”

Paul Broadhead concluded by saying; “If Government is serious about meeting its emissions targets, more information and effective incentives are required. With COP26 just weeks away, now is the time to stand up and make stronger commitments and actions to improving the energy efficiency of our housing stock.”

In line with Government guidelines, our Biggleswade branch is open and our and lettings personnel staff are on hand to assist you.  If you have any queries or need advice on property sales and lettings then please call 01767 317799 or email biggleswade@country-properties.co.uk.