With the end of the stamp duty holiday 11 weeks away, property buyers are in a race against time to complete their purchases.

Transactions and prices will continue to be supported in the near term by attempts to beat the stamp duty deadline, along with the final days of the current incarnation of Help to Buy and the continued desire for people to find homes that meet their immediate requirements, according to Savills.

However, with the stamp duty holiday due to end at the end of March at around the time unemployment is expected to peak, the estate agency predicts that there will be a lull in activity during the middle of the year.

Some of the price gains made during 2020 may unwind, but falls are likely to be tempered by the boost to consumer confidence of an effective vaccination programme.

As the market moves into the second half of the year, the experts at Savills believe that falling unemployment and low interest rates are expected to restore some demand, however, the financial clout of buyers is likely to be tempered by the prospect of tax rises.

Reflecting on the residential, as well as commercial rural sectors, James Gulliford, joint head of UK investment at Savills, said: “The extent to which 2020 changed the way we use, appraise and value property long-term remains open to debate, however, it has certainly influenced the strength of occupational and investor demand for different asset classes in the short- to medium-term.

“While sub-sectors of residential and industrial look to deliver solid returns, others are set for reinvention, whether that be the retail and leisure on our high streets or the way we use offices. In both cases, demand will remain for best in class assets which can adapt to our changing lifestyle priorities. This suggests a widening gap in the performance between prime, secondary and tertiary assets and an increase in redevelopment opportunities during 2021.”