Page 51 - Future Demands Jan 2021

FUTURE DEMANDS
JEREMY DUNCOMBE
MANAGING DIRECTOR – ACCORD MORTGAGES HOME IS WHERE THE HEART IS
(and the office, and the kids’ school, and the gym etc...)
Asking any Leeds United fan to predict the future is rarely destined to end well.
However, based on how the market has responded to events to date, I’m confident our collective efforts will deliver a strong 2021 for all.
To understand where we currently find ourselves, we should consider what we mean when we say ‘home’, a word that has taken on a whole new meaning during the pandemic.
Previously home was where we slept, relaxed and ate with our families. However, since March 2020 it’s been our workplace, our children’s’ classroom, our exercise space, and much more.
So, what impact has this had on the mortgage industry? The volume of applications we’ve consistently seen since May clearly demonstrates how many of us have decided to make lifestyle changes. Whether improving or expanding existing property, moving to a better location, or simply prioritising our home life over a work commute, the way we view our homes looks very different to this time last year.
The ending of the current Help to Buy scheme and Stamp Duty holiday on 31 March 2021 could dampen the market temporarily. However, I suspect it will recover quickly and remain strong throughout next year – even if industry lobbying doesn’t result in an extension or tapering of the relief.
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