Published: 24/02/2021The road map out of lockdown and the prosect of a return to normal by June 21st, is welcome news for the property market. Fears of a collapse in demand after the end of the stamp duty holiday on 31st March will be offset by the prospect of economic recovery which will fuel demand for both residential and commercial property.
If all goes to plan, the first easing on 8th March (when schools open) will be followed by further stages; on 29th March outdoor gatherings of up to six people or two households and travel outside your local area will be allowed; on 12th April non-essential retail and outdoor hospitality can open; on 17th May indoor hospitality can open, up to 6 people can meet indoors and the ban on international travel will be removed; and all legal limits on social contact will be lifted on 21st June.
In the meantime the Spring Budget is due on 3rd March, and there is growing speculation that Rishi Sunak will announce measures to boost the property sector, including a six-week extension to the stamp duty holiday (due to end 31st March).
We can be certain that the holiday and short let sector will see a staycation boom from 12th April, and with a gradual return to work we can expect to see an increase in demand for residential lets and commercial space (including downsizing) as well as increased sales activity. Lockdown life has caused all of us to revaluate our homes and many who decided to move have yet to do so.