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The Halifax reports that UK house prices increased by 6% in a booming second half of 2020, despite being closed during the first national lockdown. What are experts predicting for this year?

The ‘lockdown demand’ for extra space, inside and outside of the home, and the stamp duty payment holiday are two main reasons for the increase – the highest growth in UK house prices since the mid-2010s. The trend is supported by another lender, Nationwide, who reports a 2020 growth figure of 7.5%. These increases mean that today’s average home is valued at a record high of just over £253,000. Mortgage approvals are also at a 13-year high, according to Halifax.

Most experts forecast downward pressure on house prices as we move into 2021, reflecting the UK’s pace of economic recovery. There are signs of the market slowing, with Halifax expecting to see a fall of up to 5%.

Rightmove, however, predicts a 4% rise in 2021 prices and other analysts see the housing market picking up later in 2021 if the UK economy bounces back, thanks to the national vaccine programme. This will be supported by low borrowing costs, with interest rates set to remain low. Forecasts should also be seen in the context of a government keen to support younger people in getting onto the property ladder. Last autumn at the Conservative Party conference, Prime Minister Boris Johnson announced plans to not just build more homes but increase home ownership too.

The beginning of the year saw Gateway add more homes to its nationwide portfolio. Our team can’t wait to get started and be of help.

The house-building industry is pushing on as best as possible in the current climate, creating new, much-needed homes across the country. This includes nearly 100 apartments and houses in Watford and over 70 family homes in Oxford. We’re delighted to announce that we’ll be managing both sites. The Oxford development has an interesting feature to preserve local wildlife: a purpose-built reptile abode made from natural materials found around the site to provide shelter. We’ll be looking out for the wildlife, and looking after the new residents, from the moment they move in.

Gateway provides a proactive, personal, local service, nationally. Our focus is on setting the benchmark for our sector. Our people meet a strict code of conduct, which includes always being there for our clients and customers and resolving any issues swiftly.

Keep up to date with all the latest developments on our Instagram page.

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Find out what makes our property management services so efficient and effective, including being supported by our own in-house surveying and facilities teams. You’ll also find links to our wider group. Gateway provides stand-alone property services and integrated property solutions, nationwide. Every day, developers, investors, landlords, freeholders and Resident Management Companies benefit from our friendly, professional support.

We’d like to take this opportunity to wish you all a very Merry Christmas and a Happy New Year from the Gateway Group. We hope you stay safe and well during the festive season.

Our offices are open as usual to support you. Do get in touch should the need arise.

Short leases are a common problem and many leaseholders don’t realise that this can impact the future sale of their property.

Most flats are purchased as leasehold properties, meaning that the flat owner has the right to live in their property for the length of the lease, but doesn’t own the building itself. When a lease drops below 80 years, it’s a good time to consider extending it as additional costs start to be incurred. It can also be hard to sell, or get a mortgage on, a flat with a short lease.

But don’t worry! Our lease extension specialists have many years industry experience. We’ll guide you through the legislation and the pitfalls to avoid when extending a lease, working alongside you and your solicitor to negotiate the best deal. For courteous, professional service and the guidance you need at a competitive rate, call our team on 01702 443 544 or visit leaseadvice.co.uk/lease-extension

See what we can do for you

Leasehold advice is just one of our in-house services. We aim to be the best property specialist out there, covering proactive property management, residential lettings, property insurance surveying and more. Check out our Instagram page for updates on how the wider Gateway Group can help you.