The housing market is certainly buoyant and in no doubt being fuelled by many factors. The readily available finance at such preferential rates. The scarcity of property available to buy and the basics of a free market where supply and demand are out of kilter the price is forced upwards.
The other factor is that people have spent such a long time at home, more than any other time. Pre-lockdown, most people would leave home in the morning for work and not return back until early evening, maybe quick turn around and back out for exercise, food or meeting friends then home for bed and off to work again. Weekends were always busy, looking after children’s multiple activities or out socialising, then repeat the work cycle again!
Since lockdown, the majority of people have changed their work patterns. With a lot more people working from home, either full time or at least certainly more than they used to. This has brought the inadequacies of their homes to the forefront of their minds and as such now want to move. These inadequacies could be the fact that now they don’t need to “go to the office” in a major city centre, so that means they can move further away to better value areas and get more house for their money? A garden or at least some outside space could be important. More space needed in the home as two, three or four family members now need to work from home. People making savings as they now don’t commute and haven’t been on holiday as often, so they are feeling wealthier and can afford to move house.
Will lockdown happen again? If so, why don’t we get the house that we want now?
With low unemployment job security is at a high and therefore confidence to move is high.
All of these factors are fuelling the market and unless we see a major change to taxation, funding, job security and inflation, the market is set to continue in the same manner for the foreseeable future. #HousingMarket