U.K. Housing Prices Set To Rise In 2021
It will take more than a global pandemic to deter home buyers in the U.K. from investing in property next year, which will build on the unexpected market momentum of 2020, as per Rightmove PLC. It said that it anticipates national average price growth of 4% in 2021 as housing remains a top priority, buoyed by greater availability of low-deposit mortgages at competitive rates. In 2020, Rightmove said that prices grew an unanticipated 6.6% on 2019, despite a fall of 0.6% in December, in a year where economies were rocked by the pandemic’s effects on life and commerce. Uncertainties remain in 2021, but housing needs and fresh-start mentality suggest the market will continue to outperform, as shown by 53% more prospective buyers contacting estate agents than at this time a year ago.
The unexpected market momentum in a year dominated and limited by the pandemic was able to overcome the social and political turbulence and associated economic fallout, it noted. Going into 2021, headwinds and uncertainties are expected to prevail, but demand for housing and buyer affordability appear to be strong enough to outweigh some of these dampening effects.