I'm sure you'll agree that it is fantastic news that there's a vaccine on the horizon. But how will this affect the property market in the UK into 2021 and beyond?
Well, first of all, 2020 whilst it's been a really unpredictable year it's also been fantastic year for property. When the property market reopened in May the pent up demand lead to a surge in activity. This surge was heightened further when Rishi Sunak announced the stamp duty cuts until March with numerous records for prices achieved and number of sales crushed.
I think the stock market is going to react favourably to the news of the vaccine. And there's going to be a real hope that the economy is going to bounce back next year. There has been a little bit of fear within the property industry that there could be a cliff edge when the stamp duty caught is withdrawn in March, hopefully the news that the vaccine along with some economic stimulus will remove that fear.
I think it's very difficult to make predictions for the property market at the moment. Savills recently released their predictions for the market and this helps put into perspective the long term benefit of investing in property.
What is certain is that a lot of people that have been moving in 2020 have been through significant changes in their lives. One of my colleagues was telling me just the other day, they think there's been a bit of a cultural revolution, people working from home, people changing their requirements for property, and we expect those changes in requirements to continue into next year and beyond. And hopefully with a bit more economic certainty, and fingers crossed the end of the virus in sight we can see the property market return to be a little bit more predictable and see some real sustainable price growth over the next few years. We're expecting a very positive impact on the housing market with the news that the vaccine I'm really looking forward to seeing what 2021 has to bring.