Housing Market

[gorillasinthemist]

We are looking to buy a property this year but the market seems to have gone rather flat here recently. I know it's to be expected at this time of year to some extent. Do people think sellers are waiting for the Spring now as a better time to sell and a time when a lot more people will be vaccinated against Covid? Any thoughts on the housing market for 2021?

There's talk of Rishi Sunak replacing stamp duty and council tax with one national annual property tax. If that goes ahead, it will be a boon to the lower to mid upper market due to the saving on stamp duty. Properties will come on once this lockdown eases as we enter late spring (better for photos, more activity etc).

The reduction in Brexit and covid uncertainty (with vaccines and border closure) will be extremely helpful also.

Thanks @PicsInRed. I read about that proposal but thought it was unlikely to happen as it would surely be very unpopular with existing house owners (core Conservative voters).
Yes, perhaps some older/ more vulnerable house owners will be more prepared to consider marketing once rates are much lower and more people vaccinated.

That property tax talk is just speculation at this point, it's unlikely to come in any time soon imo.

I suspect you'll get a few more places for sale once we exit this lockdown and more people are inoculated.

I think there will be another mini-bounce heading into March, with more properties coming on as spring is usually busy anyway, and there was the bounce after the last lockdown. The worry about jobs etc didn't seem to stall the market after the last lockdown, and now Brexit has happened as well, I think there will be more activity.

Whether there are enough buyers, remains to be seen. If supply outstrips demand, prices will probably start to fall late summer?

What is your position, are you buying for the first time or have something to sell? If you don't need to sell, it's probably as good a time as any to buy something - keep looking, I'm sure things are about to heat up!

I've noticed the housing market softening a lot in my area of Ealing. Houses used to change hands for 850k+ and now it's looking like 780k from what I'm seeing. The whole area went through a boom because of cross rail but that seems to hold less of a pull factor if home working is likely to continue

I think with current covid levels so high people are nervous about having viewings.
Also people who were thinking about probably put it on in like October to meet the stamp duty cut. So levels are very low now.

Usually post January is very busy due to families getting together and people realising their house doesn't meet their needs but obv this year was different

Thanks everyone. Fingers crossed things pick up a bit in terms of property availability in Spring.

Gosh, I've not heard anything about that tax thing... how would that work?

@ThereWillBeSun: article link. There have been several others in media too:
www.ftadviser.com/mortgages/2020/10/01/mp-urges-govt-to-abolish-council-tax-and-stamp-duty/

Lockdown has stopped a few people looking. My estate agent says they are only doing viewings with serious buyers who are ready to proceed. I think there will be more coming on the market as we ease in to spring, but expect that it will be a slower than usual start to the year simply because of the current restrictions.