If you read the news regularly, you may believe that it’s all doom and gloom for the UK economy as a result of the Covid lockdown, which has affected many employees in terms of being furloughed, made redundant, or given notice that their job is coming to an end.
All of these stories would suggest that people would not be feeling the financial confidence to move home, so instead just make renovations where they are.
However, the latest Halifax property index suggests otherwise, with a rise of 1.6% in August and no current sign of this leveling off or going into reverse.
Could this be due to money saved from travel expenses through people working from home for 4 months? Perhaps it has given people the time to assess their further expenses and make significant savings in their monthly spend. Or maybe some have decided that they would prefer to live out of a city and have a garden to feel less cooped up should there be further lockdowns in the future.
Whatever the reason, the outcome has been a noticeable increase in house sales and therefore prices. It has also caused an increase in the lettings side of the market, again possibly due to people being able to work their traditionally city jobs, from home.
So if you’re selling or letting your property, now would be a great time to get a valuation.