Nobody could have predicted in March 2020 that the UK property market would enter a mini-boom during a global pandemic. Join Kevin today as he discusses whether the market will continue to rise or fall in 2021.
Kevin looks at the reasons behind the 2020 property boom, why putting your money into property is a safe option and why you should only invest in properties that can pay you a positive income every month.
In 2020 we saw a mini property boom. Who would have thought that house prices would have continued to rise throughout a global pandemic? This happened for a number of reasons. One reason is because of the stamp duty holiday which lit the flame of the property market boom.
Those that were put on furlough also caused a rise in the property market since they actually had more available money and more time to think about the type of lifestyle they wanted. Interest also dropped to 0.1% meaning people were getting less money on their savings.
If you have more than £85,000 in your bank account and the bank you’re with goes under you will only be protected for the £85,000. People with cash have been moving their money into property as it is safe there.
In ten years’ time house prices will be higher than they are today. The experts in the property industry are talking about a 4% rise in the property industry. Even if there is a reduction in the market this year you can still buy value. You do not want to buy a property where there is no way to add value.
All you can do is buy what is in front of you today. Make sure you have got the numbers right, make sure you purchase a property that can pay you a positive income every single month.
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