What will another lockdown do to the property market?

What will another lockdown do to the property market?

2020 saw frenetic activity in the property buying and letting industry. Partly fuelled by stamp duty holidays and by people choosing to move for more space, the doom many expected did not materialise.

We, like you and your business, had to adapt. Virtual viewings replaced physical viewings. Our office in Harehills closed for some of 2020 and most communication took place via social media, phone and email.

But with Boris Johnson’s 8pm announcement last night, where a full national lockdown was imposed, what does this mean for the opening months of 2021?

Experts think it will be business as usual.

Mark Hayward, chief policy adviser at Propertymark, says:

We welcome the news that the housing market is to remain open throughout this new lockdown period, but it is essential that all agents continue to play their part in reducing the spread of the virus through following all relevant guidance on how to safely conduct viewings. It is vital that agents operate in accordance with government and Propertymark guidelines to help prevent the spread of Covid-19, keep movers and buyers safe and keep the housing market moving through these uncertain times.

Will the property market slow or continue energetically?

Firstly, government advice does not put a stop to property transactions. You can still move home, or move to a new property as a tenant. You can still benefit from the stamp duty holiday – as long as you move fast.

House price increases are predicted to slow down in the early months of the year and then recover.

We’re fortunate, in our corner of east Leeds, that property prices remain affordable and produce good rental yields for investors.

Look at the recent figures from Rightmove for Harehills