Real estate market was an exception in 2020, when it comes to an impact that global pandemic had on economy. While many sectors suffered blows and struggled throughout the pandemic, real estate market suddenly became red-hot. The prices increased, and properties for sold for more than asking price at times. Obviously, certain locations were more desirable than others, but the trend held steady across all geographical locations. Additionally, due to the number of people working from home, many people started home improvement projects and upgraded their property.
- The need to work from home led many to realize they required more space.
- A survey showed that many people want to move to more rural areas and nearer to green space.
- Spending more time at home has increased the desire for larger lot sizes.
“Due to the pandemic in 2020, mortgage rates went down to record lows. In July 2020, the UK government announced an impermanent stamp duty pause.”