What happened to the economy during lockdown?
During the pandemic, the UK faced the biggest economic downturn for more than 300 years. The economy shrank dramatically in in 2020, with GDP falling by 9.9%. The Bank of England said it was the worst slump since the Great Frost of 1709.
Finance minister Rishi Sunak said:
“The economy has experienced a serious shock as a result of the pandemic, which has been felt by countries around the world”.
How well has the economy recovered post-pandemic?
The UK economy has surprised everyone and has bounced back much stronger and at a faster rate than expected. The Bank of England is predicting the greatest expansion rate for more than 70 years that will bring the economy back to the pre-pandemic level of 2019.
With government measures introduced to help limit job losses during the pandemic and the hugely effective vaccination program boosting confidence, the economy is expected to have the strongest economic growth since the second world war. The current estimate for UK GDP growth in 2021 is 7.25%, up from an estimate of 5% in February.
How does the economy affect the price I can get for my property?
This strong economic recovery has increased confidence among home buyers and investors who are now keen to purchase as the economy opens up again. With the lockdowns ending, it means there is pent-up demand which has led to a surge in the property market right now. As the stamp duty holiday and the 95% mortgage guarantee scheme have further fuelled demand, it means you can achieve a great price for your property right now.
With restrictions easing expected to bring more properties onto the market and the stamp duty holiday ending at the end of June, now is a great time to put your property on the market while supply is low and demand is high.
How do I get my property onto the market?
At Henry Wiltshire we have estate agents in our offices across London who have the expertise and local knowledge to help you achieve the best price for your property.
Our professionals ensure you have peace of mind as we guide you through the selling process.
Contact us today so you too can benefit from this economic bounce-back.