Residential  

How will the housing market fare after the stamp duty holiday?

Nationwide's Gardner added that shifting housing preferences after Covid was continuing to drive activity. Three in 10 actual and potential homemovers (28 per cent) cited a desire to access garden or outdoor space more easily, and one in five (22 per cent) to escape from a busy urban environment.

Although the country awaits the fourth and final step out of lockdown, buying agent Pryor does not think the demand for more space instigated by the lockdowns will change in the short-term.

Pryor says: “People who can move are looking for more flexible space; room to entertain, to homeschool, to work from home and if we aren’t able to go abroad, to spend the holidays in.

“This is a trend that I expect will continue for the next few years as we start to appreciate the changes brought by the pandemic.”

Kate Davies, executive director at the Intermediary Mortgage Lenders Association, says that while demand may soften following the stamp duty holiday, they do not anticipate a “cliff edge drop” in interest.

Davies says: “Many people are still keen to move irrespective of the holiday, with the Covid crisis having led people across the UK to reconsider their living arrangements.

“It does not seem logical that this trend will suddenly disappear, given the signs that there is still considerable demand in the pipeline, especially among those waiting for price growth to slow, but also from people who have chosen to wait for lockdown restrictions to ease before pressing ahead with a move.”

Chloe Cheung is a features writer at FTAdviser