2020 was a year that no one could have predicted, and despite the ongoing situation causing a wave of economic instability throughout the world, interestingly, the average price of a home in the UK rose by 6% last year; this is an annual rate of increase which is usually associated with a fast growing economy.
We have, of course, seen some specific reasons as to why house prices have risen. Rishi Sunak’s temporary stamp duty holiday being one major defining factor; this combined with many people re-evaluating their current living situations and housing requirements. We have also seen an increase in demand from buyers who are wanting to re-locate back to their native north east because families are now reassessing lifestyle and the need for family support.
With what was first considered as a mini boom by the industry, although we have certainly seen a slight easing in the frenzy of activity from last summer, I believe that we will start to pick up pace again throughout 2021.
Should the UK economy get back onto a firmer footing and hopefully the regional jobs market picks up, supported by the optimism brought about by the new vaccine programme, there is confidence throughout the industry that this momentum will continue throughout 2021.
As a company, and due to the government ruling through the pandemic, we have been fortunate in that we have been able to continue functioning, and we have helped many of our clients progress their sales throughout this difficult time. It has been a case of carefully and consistently adapting to ensure that we can continue to operate efficiently but with the focus on the safety of our clients and our colleagues always at the forefront of what we do.
If you are looking to make your next move, I feel that now is the right time. Please don’t hesitate to contact myself or a member of the sales team here at Sanderson Young and we can provide you with up-to-date market insight and the right way to start your moving journey. We look forward to a better 2021 for all !