We want to hope this year ends on a positive note and continues into a safe and prosperous New Year for everyone from me and my team here at Birminghammoneyman and we hope for a healthy 2021 for all of us.
Property values have held up remarkably well during the pandemic due to the fact of a shortage of stock, undiminished consumer demand, and the Stamp Duty Holiday (which is due to end in March).
If 2020 has proved nothing else, it has confirmed you’ll never stop the Brits from wanting to put their foot onto the property ladder and be homeowners.
In terms of my predictions for 2021, despite rising unemployment, I fully expect the consumer demand for buying property to continue.
More people are continuing to spend more time at home, and, naturally, people might look for something larger, better, or with a lot more land.
We will also see lots of remortgage activity from customers who are happy where they are living but would like to invest in their homes by extending them or creating home offices.
Interest rates are still low, and off the back of Brexit, the Government will be keen for the property sector to thrive given that it is one of the “wide multipliers”, e.g. it sustains lots of jobs.
Once the vaccine gets rolled out entirely, and life gets back to some form of normality. I believe there will be many people who adopt a “life’s too short” outlook, and this should be good for the economy as a whole, especially those involved in the property market.
If you need expert mortgage advice in Birmingham and would like to speak with one of our dedicated mortgage advisors about taking out a mortgage or life insurance in 2021 please do get in touch, we’ll be happy to help.