With a month to go before the stamp duty holiday starts to wind down, buyer demand remains strong in Harrow.
Many buyers were shut out of the market last year at the beginning of the pandemic, after lenders withdrew low deposit mortgages. Panic ravaged through the country, there was so much uncertainty ahead. Thankfully, it looks like those days are finally coming to an end and there’s light at the end of the Covid tunnel.
As we continue to go through the easing of lockdown and restrictions, confidence in the wider economy is accelerating. In fact, even the Bank of England has upgraded its GDP growth forecast for the UK, from an estimated 5% announced in February, to 7.25% for 2021. As more and more people accept their vaccination invitations, the situation across the UK as a whole seems to be improving.
With this comes more confidence, people want to be out and about and restart life. We want a return of normality, however it looks. Lenders are reintroducing 95 per cent mortgages as the government announced such loans would be backed by the state. This, along with many being able to save large amounts during lockdown, has encouraged buyers.
Just the other day we received instructions to sell a property as the vendor was let down by another agent. Having emailed our entire database of applicants, we were able to secure a purchaser for them the very next day – within 24 hours! This gives you an idea at the speed in which deals are being agreed.
Even with the stamp duty incentive winding down, we expect demand to remain high. People are still spending time at home; in fact, this pandemic has made many reassess their desires in what they want in a home. Larger homes, with more outdoor space tops the list.
Of course, there will be dips in the market – there always are – but the focus seems to have switched into a long-term outlook for buyers when looking for a home.
After all, if you want to live somewhere, you will. We may see a slight decline in activity in the coming weeks; we feel this will be more associated with the easing of restrictions rather than a decrease in demand for property. People are once again enjoying being able to dine out, travel abroad, go on staycations, and arguably the most important, the simple pleasures of having a pint at your local.
I hope this article gives you an insight into the current climate we are in. If this has made you curious or question your property’s worth in today’s market, contact me, Harsh Shah, on 020 8426 0631 or email harrow@hiltonandfox.com
