There is no denying that the past year has been tumultuous, to say the least. The COVID-19 pandemic has caused an enormous amount of disruption in every aspect of our lives, and this has naturally led to us wondering what the future might look like in a world recovering from, and learning to live with, the COVID virus.

One of the most talked-about topics is how the housing market will look in the next 12 months, and as expert installers for home improvements in Yorkshire, we have had our finger on the pulse.

Current house prices: what have we seen from 2020 – 2021?

Despite being one of the most economically turbulent years in living memory, 2020 ended with UK house prices at a record high. According to the latest Government UK house pricing index summary, UK house prices increased by 11.8% in the year to September 2021, up from 10.2% in August 2021. On a non-seasonally adjusted basis, average house prices in the UK increased by 2.5% between August and September 2021, compared with an increase of 1.1% during the same period a year earlier (August and September 2020).

This surprisingly large increase was partly due to the stamp duty holiday introduced by the Chancellor to prevent a house price collapse, and there is no doubt that this worked.

As an overview, the latest index states that house price growth was strongest in the Northwest where prices increased by 16.8% in the year to September 2021. The lowest annual growth was in London, where prices increased by 2.8% in the year to September 2021. Here in South Yorkshire, our housing prices saw an increase of 11.9% compared to 2020. The table below is taken from the September index for UK house prices published by the Government on 17th November 2021:

a table representing the price change of home by region from 2020-2021

Source: https://www.gov.uk/government/news/uk-house-price-index-for-september-2021

 

The stamp duty holiday: what is next now the holiday has ended?

As mentioned above, during the COVID lockdown in 2020, the Chancellor introduced a stamp duty holiday. Between July 2020 and June 2021, there was no tax to pay on the first £500,000 of property purchases in England and Northern Ireland. This meant that buyers could save up to £15,000, which was hugely attractive and helped to keep the housing market buoyant during such unprecedented times. It could be argued that this stamp study holiday was what saved our housing market from another 2008-style collapse. The holiday ended on the 1st of October this year, which begs the question, what will happen to the housing market now?

As of October, homebuyers now have to pay stamp duty in England and Northern Ireland at the levels that were in place before the holiday was introduced.

This means the thresholds are:

Property value Stamp duty rate
Up to £125,000 0%
The portion between £125,001 and £250,000 2%
£250,001 and £925,000 5%
£925,001 and £1.5 million 10%
Above £1.5 million 12%

Source: https://www.thetimes.co.uk/money-mentor/article/stamp-duty-holiday-extended/

According to The Times Money Mentor, it’s thought that the end of the stamp duty holiday could see a dip in house prices. This is because there will be less demand from people wanting to take advantage of the tax saving. Housing experts say the stamp duty holiday contributed greatly to the big rise in house prices seen during 2020 and 2021 as people rushed to buy before the deadline.

The supply and demand problems the housing market is currently facing

Another factor affecting our housing market is supply and demand. According to Get it Sold, there was a huge 56% demand in increase in August 21 compared to August 19. There has also been a 24% decrease in the supply of homes compared to the average levels we saw last year. This shortage in supply with no reduction in demand is another large contributing factor to house prices rising so steeply in August this year.

How has working from home affected the housing market?

According to MYND, trends suggest that the longer the pandemic forces people to work remotely, the more businesses are expanding their remote work policies. Employees have reportedly been just as productive, and in some cases more so, when working remotely, and more employees have proposed they want to keep working outside of their normal office space after the pandemic ends. The Office of National Statistics says of working adults currently homeworking, 85% want to use a “hybrid” approach of both home and office working in the future.

Below is a table from the Office of National Statistics highlighting the increase of employees working from home from 2011 to the present day.

a table representing the number of people that work from home over the past 10 years

Source: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/labourproductivity/datasets/homeworkingintheukworkfromhomestatus

So, what does home working mean for the home improvement industry and the housing market? Property Wire has stated that the number of homeowners seeking information about house extensions is at an all-time high. Google data shows that the search term ‘house extension’ reached an all-time high in the summer of 2020 as homeowners looked for ways to get the most value out of their homes.

a line graph representing google trends of house searches

Source: https://trends.google.com/trends/explore?date=all&geo=GB&q=house%20extension

The combination of lockdowns and people working from home where they normally would not suggests that homeowners have sought out ways to extend their living space to create a permanent office or working space. With travel restrictions also in place, families who would normally spend money on a holiday have had to put travel plans on hold, meaning they have had money available to spend on home improvements they may have otherwise put off. Being in our homes so much more than usual during the pandemic has also presented opportunities to spot room for improvement in our homes as we have been more aware by being confined to our own space.

Besides the desire to increase and improve living space by adding a home office, home gym, or recreation room, there are other benefits to a house extension. Firstly, it is much cheaper than moving house and, therefore, a more achievable option for many homeowners. It is also almost always guaranteed to add value to your home. It is suggested that a well-built conservatory will add between 5 – 12 % value to your home.

Windows and doors installation

Where is the housing market going in 2022?

Zoopla has released some interesting insights into the trends we can expect, both positive and negative, for the housing market as we move into 2022.

  • In early 2022 we should start to see the economy stabilise, with a tentative rise in mortgage lending and house prices.
  • The ability to work from home has expanded the horizons for many office workers who now feel able to look further afield. Research shows that 22% of people currently want to move, significantly higher than the usual 5% in a normal market.
  • The high levels of equity homeowners have built up during the past 18 months, coupled with the shortage of homes on the market, is expected to support house price growth well into 2022.
  • The rising cost of living, combined with an expectation that mortgage rates and taxes will rise next year, will impact affordability.
  • House price growth is expected to end 2022 at 3%, with growth likely to be strongest in the East Midlands and Northwest, and weakest in London.

a bar chart representing house price growth by regionIf you are looking to improve your home in 2022, then contact us at Global Windows to get a free, no obligation quote or for further information you can call us on 0114 288 9595 or 0800 610 1234.

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Windows & Doors

Brilliant company from all we’ve dealt with, right through to the fitters, to the follow-up emails making sure everything was ok. Having used you before and after having work done to my property, I thought you the only obvious choice to return. Was a little worried as I’d had insulated render fitted and was concerned about the removal and refitting into the same size opening, and the damage it would cause. No worries, it seems. Each to their own trade as they say, and I’m glad they managed it and left me in no doubt, another great job done. Many thanks to you all. And see you in 15 years again?

Checkatrade

Windows And Door

After a fair few months of looking for a good window provider we can say we are one hundred percent happy with Global. They exceeded our expectations from start to finish. Michael with the quote, the lovely ladies from the office and Andy and Josh who fitted our seven windows and front door. Very professional, good quality, quick and efficient work. A pleasure to work with such a team. Our next step is the conservatory with Global. Thank you and well done to all.

Florentina

Which?

Excellent Service

My mum wanted to say thank you so much for the fantastic service Global windows have given her following her burglary. From start to finish they reassured her the replacement patio doors would be robust and fitted as quickly as possible to ensure the property was secured. On the day of fitting the fitters arrived promptly and installed the doors with no mess. The gentleman who organised this from Global (sorry she couldn’t remember his name) came out to check the doors and to see mum was happy with them brought her a beautiful bunch of flowers. Mum was over the moon. Thank you so much.

Margaret

Which?

Doors And Windows

We decided to re-use this Company despite moving house and County. Global were helpful and very professional at all stages of the installation. We found all their staff friendly and knowledgeable. Dates given, returning phone calls etc. were all met. The price was very competitive, the quality of their products was excellent with a good range of colours and styles. The fitters were very hardworking, managed to get the work done in one day rather than the expected 2, mainly due to the fact they worked as a team, didn’t take breaks and clearly knew their job. Great company.

Which?

Replace All Windows And Doors

Fantastic work from start to finish. Great suggestions made to my own thoughts. The date agreed happened and I was kept fully informed of progress before installation. The fitters were courteous and efficient and worked hard completing on time. I am happy to recommend Global windows to anyone.”

Checkatrade

Replace Lots Of Windows In 4 Bays Along With Others Throughout House. New Door Fitted Also.

Excellent communication and attention to details. Windows were fine quality. Workmanship of highest quality and very considerate and careful. Would recommend to anyone.”

Checkatrade

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Testimonials

Our customers’ feedback is important to us. Read our latest customer testimonials below.

Windows & Doors

Brilliant company from all we’ve dealt with, right through to the fitters, to the follow-up emails making sure everything was ok. Having used you before and after having work done to my property, I thought you the only obvious choice to return. Was a little worried as I’d had insulated render fitted and was concerned about the removal and refitting into the same size opening, and the damage it would cause. No worries, it seems. Each to their own trade as they say, and I’m glad they managed it and left me in no doubt, another great job done. Many thanks to you all. And see you in 15 years again?

Checkatrade

Windows And Door

After a fair few months of looking for a good window provider we can say we are one hundred percent happy with Global. They exceeded our expectations from start to finish. Michael with the quote, the lovely ladies from the office and Andy and Josh who fitted our seven windows and front door. Very professional, good quality, quick and efficient work. A pleasure to work with such a team. Our next step is the conservatory with Global. Thank you and well done to all.

Florentina

Which?

Excellent Service

My mum wanted to say thank you so much for the fantastic service Global windows have given her following her burglary. From start to finish they reassured her the replacement patio doors would be robust and fitted as quickly as possible to ensure the property was secured. On the day of fitting the fitters arrived promptly and installed the doors with no mess. The gentleman who organised this from Global (sorry she couldn’t remember his name) came out to check the doors and to see mum was happy with them brought her a beautiful bunch of flowers. Mum was over the moon. Thank you so much.

Margaret

Which?

Doors And Windows

We decided to re-use this Company despite moving house and County. Global were helpful and very professional at all stages of the installation. We found all their staff friendly and knowledgeable. Dates given, returning phone calls etc. were all met. The price was very competitive, the quality of their products was excellent with a good range of colours and styles. The fitters were very hardworking, managed to get the work done in one day rather than the expected 2, mainly due to the fact they worked as a team, didn’t take breaks and clearly knew their job. Great company.

Which?

Replace All Windows And Doors

Fantastic work from start to finish. Great suggestions made to my own thoughts. The date agreed happened and I was kept fully informed of progress before installation. The fitters were courteous and efficient and worked hard completing on time. I am happy to recommend Global windows to anyone.”

Checkatrade

Replace Lots Of Windows In 4 Bays Along With Others Throughout House. New Door Fitted Also.

Excellent communication and attention to details. Windows were fine quality. Workmanship of highest quality and very considerate and careful. Would recommend to anyone.”

Checkatrade
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