The housing market is playing a positive role in the health of the UK economy. Despite the pandemic and another round of lockdowns, the housing market is surprising experts that were less optimistic than home buyers. According to data from the property website Zoopla, the number of sales being agreed upon is 38% higher than one year ago. They have predicted that the demand will remain and leading up to Christmas home buyers will be busy getting onto the property ladder.

There are many reasons that the boost to the market has occurred. Some credit the continued low interest rates offered on mortgage deals. The ability to borrow cheaply, as well as the stamp duty holiday, could be a major attraction to purchase property. However, some believe the many home buyers and home movers are being motivated due to the pandemic.

The pandemic has pushed people to use their homes in ways not previously necessary. It has become a place we live, work, play, and our children learn. Some have chosen to open up their home to extended family members so they can quarantine with them in lockdown rather than being apart and alone. 

Because we are spending more time in our homes and using them differently than this time last year, it has become more of a necessity to have greater privacy for work and studying, more room to gather together and for entertainment. Homeowners have either chosen to move home or to turn their built up equity into cash to improve and upgrade their homes into the perfect solution for their new pandemic lifestyle.

The housing market and lending market are active with home buyers and home movers, and as mentioned, homeowners seeking remortgages. Because of the interest in the housing market, the UK economy is assisted as well as those businesses that benefit from purchases and hired services associated with setting up a new home and moving. Of course, there are businesses that have benefitted from the homeowners improving and upgrading their current homes.

For those riding the fence and still not sure if the time is right, experts encourage buyers to consider the savings available in lower interest rates and the stamp duty holiday. Homeowners will find the boost in the housing market has helped their property value and there is more equity available to turn into cash with a remortgage. A remortgage could also save homeowners a tremendous amount of money off their monthly repayments. 

The stamp duty holiday is due to end in March and interest rates could start to shift upward in the new year according to experts. Since the pandemic and lockdowns are making it difficult on estate agents and lenders to complete processes quickly, taking action soon is encouraged so that the longer process does not push one to miss out on low rates, the stamp duty holiday, or the current lower asking prices on the market.