The news of a potential vaccine could see the market avoid any ‘cliff edge’ in demand as the stamp duty holiday ends, according to David Hollingworth, associate director of London & Country.

He said: “The news of a vaccine should help instil greater confidence in the ability for the economy to emerge from the pandemic.

“If the rollout of the vaccine can start to show that a return to normality could be ahead it’s bound to be positive for consumer confidence.”

What impact will the COVID-19 vaccine have on the housing market?

However, Hollingworth outlines that there will be many logistical challenges in returning to ‘normal’.

He said: “There’s a long way to go yet of course and it may take time to deal with the logistical challenges, but everyone will be hoping that this spells the first of more positive news and brings a boost to confidence and the recovery of the economy.”

Furthermore, Hollingworth looked to activity levels in the market, which have been high due to the stamp duty holiday nearing its conclusion.

He said: “The stamp duty holiday only added further incentive to those buyers that may otherwise have been tempted to hold off until a return to normality became clearer.

“The stamp duty holiday looks set to produce ongoing activity into the new year as buyers look to meet the deadline of the end of the March.”