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The Halifax reports that UK house prices increased by 6% in a booming second half of 2020, despite being closed during the first national lockdown. What are experts predicting for this year?

The ‘lockdown demand’ for extra space, inside and outside of the home, and the stamp duty payment holiday are two main reasons for the increase – the highest growth in UK house prices since the mid-2010s. The trend is supported by another lender, Nationwide, who reports a 2020 growth figure of 7.5%. These increases mean that today’s average home is valued at a record high of just over £253,000. Mortgage approvals are also at a 13-year high, according to Halifax.

Most experts forecast downward pressure on house prices as we move into 2021, reflecting the UK’s pace of economic recovery. There are signs of the market slowing, with Halifax expecting to see a fall of up to 5%.

Rightmove, however, predicts a 4% rise in 2021 prices and other analysts see the housing market picking up later in 2021 if the UK economy bounces back, thanks to the national vaccine programme. This will be supported by low borrowing costs, with interest rates set to remain low. Forecasts should also be seen in the context of a government keen to support younger people in getting onto the property ladder. Last autumn at the Conservative Party conference, Prime Minister Boris Johnson announced plans to not just build more homes but increase home ownership too.

The beginning of the year saw Gateway add more homes to its nationwide portfolio. Our team can’t wait to get started and be of help.

The house-building industry is pushing on as best as possible in the current climate, creating new, much-needed homes across the country. This includes nearly 100 apartments and houses in Watford and over 70 family homes in Oxford. We’re delighted to announce that we’ll be managing both sites. The Oxford development has an interesting feature to preserve local wildlife: a purpose-built reptile abode made from natural materials found around the site to provide shelter. We’ll be looking out for the wildlife, and looking after the new residents, from the moment they move in.

Gateway provides a proactive, personal, local service, nationally. Our focus is on setting the benchmark for our sector. Our people meet a strict code of conduct, which includes always being there for our clients and customers and resolving any issues swiftly.

Keep up to date with all the latest developments on our Instagram page.

We also post our latest property news and updates on LinkedIn. We’d love to see you there.

Find out what makes our property management services so efficient and effective, including being supported by our own in-house surveying and facilities teams. You’ll also find links to our wider group. Gateway provides stand-alone property services and integrated property solutions, nationwide. Every day, developers, investors, landlords, freeholders and Resident Management Companies benefit from our friendly, professional support.

We’d like to take this opportunity to wish you all a very Merry Christmas and a Happy New Year from the Gateway Group. We hope you stay safe and well during the festive season.

Our offices are open as usual to support you. Do get in touch should the need arise.

To say this year has been unpredictable would be an understatement. With Brexit looming and a global pandemic ongoing, the property market in this country has been both challenging and record breaking in equal measure.

Zoopla, one of the largest UK property portals, predicts the run-up to Christmas to be the strongest the market has seen in almost a decade. Sales are expected to spill over into the new year as buyers are racing to beat the stamp duty holiday deadline – 31 March 2021. Zoopla estimates an additional 100,000 transactions to be completed before then.

Gateway Today will return in 2021. Until then, we’d like to wish you a Merry Christmas and a Happy New Year from everyone at the Gateway Group. We hope you’re all staying safe and well.