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2021 is set to have the busiest year for house sales since 2007, property portal Zoopla has predicted.
‘Easing of lockdowns will continue to cause a natural fall in demand as people are able to see family and enjoy amenities that have been shut for more than a year’, said Zoopla head of research Gráinne Gilmore.
‘However demand levels will remain elevated compared to historical norms.
‘New buyer demand will emerge throughout the second half as office-based workplaces confirm they will be pursuing more flexible working practices. Households that have the opportunity to commute less frequently have more options when it comes to choosing where to live, and this could prompt a move.
‘Likewise, older households will continue to review how and where they are living, with many more set to move for the first time in years.
‘With an increased array of mortgages to choose from, first-time buyers will also remain active in the market’.
Zoopla’s latest UK House Price Index suggests demand for houses is up 29 per cent on last year, while supply is down by 2 per cent. The result is likely to be 1.5m completed sales this year, up over 400,000 on last year, with the value of sales topping £460bn.