💥2021 is around the corner and we all are looking forward to saying goodbye to 2020! What does the property market look like in 2021?
Just released this morning the ‘House Price Index’ with next years property pricing predictions. I have attached the link if you want to read the full report, however, I have broken it down for you here –
🏠 Newcastle house prices have increased by 2.5% in 2020
🏠 Forecast 1% house price increase in 2021
🏠 National House price increase for 2020 predicted to be 4%
🏠 Demand of homes has decreased since the initial surge after lockdown 1.0 but still remains an immpressive 34% higher than last year!!
🏠 What factors will shape the market in 2021?
👍A vaccine, we are assuming normality to resume mid 2021.
👍Economy and trade deals with Europe.
👍 LTV (deposits required) on mortgages, as Boris promised
these would be lowered, helping first time buyers to get on the property ladder.
👍Mortgage lenders supporting home owners (payments holidays etc) to limit forced sales.
👍Higher rates of capital gains tax predicted which will effect private investors and second property home owners.
👍Life style changes, peoples requirements have changed, looking for rural locations, gardens, home offices etc
Overall, the property market looks like it will continue to thrive and partially in the Tyne Valley area, due the demand on rural living, we have a huge advantage of beautiful views and countryside walks that city owners now crave. If you would like to discuss your property and the property market further give me a call on 07787573390.