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What to look for in the 2021 property market
What is going to happen to the UK property market in 2021? That's the $64 million question. Currently, the year looks set to get off to a good start, a hangover from the end of last year when property prices and house sales increased. We all know that nothing lasts forever but will the current good times come to a staggering halt sooner than later? Several support programs are due to end on March 31, which could be a problem for the economy and housing market. So, eyes down, here's what we're all looking out for in early 2021.
The state of the housing market at the end Of 2020
We are moving toward the end of a year that most of us will be glad to see the back of for obvious reasons. No doubt we're all looking forward to a better 2021. With the rollout of COVID-19 vaccines, we can, at last, see a glimmer of light at the end of the tunnel. So what does all this mean for the home buyer or seller? What is the current state of the property market in the UK?
A quick guide to inflation
Back in August, the UK's annual inflation rate plummeted to a five-year low of 0.2%, driving down the cost of living. The highly popular Eat Out to Help Out scheme was mostly behind one of the biggest inflation drops in recent years as it pushed down prices in restaurants and cafés. But what exactly is inflation, and what does it mean for your money?
A quick guide to interest rates
According to the Bank of England, the resurgence of coronavirus across Europe and a lack of clarity over the UK's future trade relationship with the EU are likely to slow the UK's economic recovery. Faced with this painful double whammy of factors, the Bank's Monetary Policy Committee recently voted unanimously to keep interest rates at their historic low level of 0.1%. Some financial experts believe this could mean that interest rates will move into negative territory next year.
Your guide to mortgage surveys
One of the most important things you can do when buying a property is to arrange for a home survey. Skipping it could be a considerable risk. You would effectively be buying blind, unaware of your potential new home's actual state or condition.
