In the last twelve months, the Residential Market has been entirely transformed by the COVID-19 pandemic. Recent restrictions have forced many buyers and sellers to adapt their habits with virtual house viewings, social distancing measures and face masks becoming normal practice. Not to mention a reluctance from mortgage providers to lend over the past year (although this is starting to change recently, many lenders are still being cautious).
However, despite these significant challenges, the market has experienced a resurgence in the last sixth months and many are predicting that this will continue throughout 2021. Especially following the announcement of the 2021 budget which confirmed extensions to the Stamp Duty Holiday to the end of June and the continued success of the Vaccination roll-out across the UK.
With this in mind, we spoke with some experienced Surveyors at White Horse Surveyors. Using their years of experience in the industry to learn more about their predictions for the Residential market in 2021 and beyond, as well as how they think job opportunities will be affected by these projections…
Founder and Chairman of White Horse Surveyors
“Up until Christmas 2020, the residential property market was busy across the country as purchasers took advantage of the ‘stamp duty holiday’ and looked for more space ‘in lockdown’. However, since the New Year, some areas of the country have quietened down. This is likely to be partly seasonal and partly due to the inability to complete a new house purchase by the 31st March – although an extension has been announced in the budget. It seems likely that the stamp duty extension and the approach of spring coupled with a successful Covid injection programme activity will increase again. The Brexit issue, from a UK residential property point of view, appears to have slipped into the shadows, so perhaps the sunlit uplands beckon?
So, in terms of property sales this coming financial year it should hopefully pick up and carry through into the summer, although the autumn will probably depend on where we are with Covid 19, the state of the economy and the government’s tax policy, but as it stands at the moment, we should continue to be optimistic. Recruitment of residential surveyors should remain positive although it seems likely that location will be important and on recent experience, there are likely to be more roles in the south and the east of England and in south-east Wales.”
Senior Surveyor at White Horse Surveyors
“2020 was a challenging year and 2021 may see little change. Encouragingly, the vaccination rollout and ease of lockdown, together with the extension to the Stamp duty holiday and other Government measures announced in the budget should keep the market momentum sufficiently fluid to progress in the post-pandemic world. The signs are tentatively encouraging and as confidence in the months ahead increases it may be the catalyst for a steady improvement towards the end of 2021.”
White Horse Surveyors currently have a range of residential surveyor vacancies across the United Kingdom.
Read more information on ‘A Day in the Life of a Residential Surveyor at White Horse Surveyors’.
White Horse Surveyors are the UK’s largest independent, residential surveying company. Originally established in 2006, our wide network of RICS regulated surveyors now service much of England and Wales. Our products include RICS Homebuyer Reports, RICS Building Surveys and Private Valuations.