Will house prices drop in 2021?
With every rise there inevitably comes a fall – and property experts are pretty united in their analysis that house prices will likely begin to drop at the end of this year.
This is largely due to the end of the Stamp Duty Holiday in the autumn, but as life begins to return to normal, buying behavior is also likely to be influenced.
Mike Scott, chief analyst at estate agency Yopa, said the figures have been “boosted by buyers rushing to beat the deadline and avoid paying stamp duty”.
He said: “There are many other factors that will continue to push up prices this year, including: shortages of homes for sale, big increases in average household savings over the past year, people’s new property needs in the post-pandemic world, Government backing for 95 percent mortgages, and a general mood for a fresh start in life after the lockdowns finally come to an end.
“As a result, we expect the market to remain robust and prices to continue rising well into the second half of this year.
“We can expect a hot summer for the UK property market.”