Estate agents remained optimistic that strong housing demand would continue despite the introduction of England's strictest Covid-19 lockdown measures since the start of the pandemic.
Under the new restrictions announced in January 2021, the housing market was permitted to remain open. Estate agents, letting agents and removal firms were able to continue operating, while property viewings could take place with appropriate safety measures in place.
The decision to keep the market open was particularly important given the significant number of transactions already progressing ahead of the temporary Stamp Duty Holiday deadline. The tax relief on the first £500,000 of a property purchase was due to end in March 2021, creating pressure for many buyers hoping to complete their transactions in time.
While restrictions on travel and guidance to remain local created potential challenges for those looking to relocate further afield, buyer demand had remained resilient throughout the pandemic. Changing lifestyle priorities, including the ability to work from home, continued to influence where and how people wanted to live.
The latest lockdown was expected to remain in place until at least mid-February, with the Government focusing on reducing Covid-19 transmission while the vaccination programme was rolled out.
Despite the uncertainty surrounding the wider economy, the property market continued to demonstrate resilience, supported by strong demand, low borrowing costs and the incentive provided by the Stamp Duty Holiday.
