The UK property market has had its fair share of ups and downs this year, but – throughout it all – the industry has shown nothing but pure strength and resilience.
Looking back over 2020, there is a lot to look back on that we can take as positives, despite the obvious input of Brexit and the COVID-19 pandemic both dominating the headlines.
The property market started off with an absolute bang at the start of the year, but to help curb the spread of the coronavirus, Boris Johnson announced our first national lockdown in March, closing the property market.
In May, the sector reopened and the pent-up demand was off the charts! Amplified by the stamp duty holiday, ending March 31st.
By the time the tier systems were introduced, the market was moving at such a pace that it was not negatively impacted. House price indices and sentiment trackers showed that the market remained strong and resilient, performing better than ever expected.
Over the past few months, the demand has been at record levels, which has pushed house prices higher and higher. The number of prospective buyers we had was the highest it has been in 10 years.*
Compared to 2010, the housing demand is up a massive 55%.
Following expected seasonal trends, the market does naturally begin to slow in the winter months. However, the second national lockdown in November has reaffirmed people's desire to move, leading to the busiest December in over a decade.