The UK residential property market boomed in 2020, with house prices ending the year at a record high, despite the shutdown of the sector during the first coronavirus lockdown.
Government measures such as the stamp duty holiday helped revitalise the market, while the lifting of lockdown restrictions prompted a surge in demand.
Lockdown also inspired homeowners to consider moving house, as the shift to remote-working allowed city-dwellers to move further afield and hunt out properties with access to outdoor space.
However, the end of both the stamp duty holiday and Help to Buy this year, as well as the end of the furlough scheme – which is expected to cause a spike in unemployment – could lead to a more subdued housing market in 2021.
The latest nationwide lockdown and concerns over new variants of the virus are also expected to dent consumer confidence further – at least until the coronavirus vaccine roll out is complete.
Source: City AM