Tag: property market

UK House Prices Continuing To Increase

Posted on by colin_williams

Information provided by Rightmove indicates this is the sixth month in a row that a price record was achieved. The increase was 0.4%, so it was a modest one, rising by £1,354. This took the average price to £369,968.

As you are probably aware, the demand for property far exceeds the supply of homes. Compared to demand for property at this time in 2019, there is currently 26% more demand for homes. However, if you compare this to this time last year, the current demand is 7% less.

It is amazing that demand remains so high

This isn’t a surprise, there have been a lot of property moves in the past year, and of course, there are many financial issues for households to contend with at this point. It is perfectly natural for property demand to waver in light of the cost-of-living crisis, so in that scheme of things, the market is holding up extremely well.

If you are looking for guidance or assistance in the housing market, we are more than happy to help. We are local housing market specialists in Petersfield, and we stay in touch with what the experts say. If you are keen to make an informed decision in the housing market, we have everything you need.

We listen to property market mainstays

Tim Bannister from Rightmove said; “Having more new sellers this month is a win-win for the market, as these sellers will likely achieve good prices for their homes given the sixth asking price record in a row that we’ve now seen, which may help to explain the increase in new stock coming to market over the last year. For those looking to buy, it means more choice, and a slight easing in competition against other buyers while the market is still moving very quickly. In the current fast-changing economic climate, those looking to buy who find a suitable home they can afford may choose to act now rather than wait. While more choice is welcome news, the number of homes available remains well below the more normal levels of 2019 and is unable to satisfy the continued high demand that we’re seeing.”

Tim Bannister concluded by saying; “Though a softening in demand is moving the market from a boil to a simmer, it remains 26% up on 2019. With such an imbalance remaining between supply and demand, prices look underpinned, and we would therefore only expect typical smaller seasonal month-on-month falls, rather than more significant price falls in the second half of the year. This has led to us revising our annual price growth prediction for the end of the year from 5% growth to 7%, although this would still mark a slowing from the 9.3% seen this month.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Property Prices Reaching New Highs

Posted on by colin_williams

Even though we are highly experienced at Williams of Petersfield, it is fair to say the current housing market continues to surprise people.

Recent prices in the market

According to the Halifax, house prices reached a record high in February 2022, standing at £278,123. Property prices were also recognised as increasing at their fastest annual pace of growth in 15 years.

The rate of house price growth as of February 2022 stood at 10.8%, the strongest level since June 2007, when it stood at 11.9%.

Seven parts of the UK are witnessing double-digit annual house price inflation. This shows that these increases aren’t solely to a few outlier locations, there is significant growth across the country.

Russell Galley, Managing Director, Halifax, spoke extensively on this subject, saying: “The UK housing market shrugged off a slightly slower start to the year with average property prices rising by another 0.5% in February, or £1,478 in cash terms. This was an eighth successive month of house price growth, as the resilience which has typified the market throughout the pandemic shows little sign of easing. Year-on-year prices grew by 10.8%, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high of £278,123. Two years on from the start of the pandemic, average property values have now risen by £38,709 (+16%) since February 2020. Over the last 12 months alone, house prices have gained on average £27,215. This is the biggest one-year cash rise recorded in over 39 years of index history.”

Russell Galley also said; “Lack of supply continues to underpin rising house prices, with recent industry surveys showing a dearth of new properties being listed, now a long-term trend.”

This is something we have seen locally as well, and if you are considering selling your Petersfield home, get in touch, and we will be more than happy to assist you.

How are house prices in Petersfield faring?

According to Rightmove, as of the end of March 2022, house prices in Huddersfield are as follows;

“Properties in Petersfield had an overall average price of £498,951 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £767,066. Terraced properties sold for an average of £395,139, with flats fetching £257,642.

Overall, sold prices in Petersfield over the last year were 9% up on the previous year and 12% up on the 2019 peak of £445,153.”

As you can see, house prices in Petersfield have also risen sharply in the past year, so it is staying in line with what is happening nationally.

Uncertainty will continue in the market

Of course, with so much uncertainty in the property market, it would be unwise to think things will stay this way for ever.

This issue was raised by Russell Galley from Halifax, saying; “Looking ahead, as Covid moves into an endemic phase and almost all domestic restrictions are removed, geopolitical events expose the UK to new sources of uncertainty. The war in Ukraine is a human tragedy but is also likely to have effects on confidence, trade and global supply chains. Surging oil and gas prices are one immediate consequence, meaning that inflation in the UK – already at a 30-year peak – will remain higher for longer. This will add to the squeeze on already stretched household incomes. While increases in Bank rates look likely in the near term, the extent of the rises will depend on how it affects prices and companies’ approaches to pay over the months to come. These factors are likely to weigh on buyer demand as the year progresses, with market activity likely to return to more normal levels and an easing of house price growth to be expected.”

It is likely the following factors will play a role in house prices in the immediate future:

  • The conflict in the Ukraine
  • Rising fuel prices
  • Rising costs of living
  • Changes in bank rates
  • After-effects of Brexit

 

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

March Ideal Time To List Your Home

Posted on by colin_williams

Given the demand for property in the housing market, there is no bad time to list your house for sale. However, from what we have seen, and what has been said by many specialists in the housing market, we believe March is the ideal time to list your home for sale.

Leading property portal suggests market will be busy in spring

A new study undertaken by Rightmove, which examines property moving data over the last five years (albeit excluding 2020) provides a number of interesting findings:

  • March is the month of the year when most buyers enquire about property
  • Around 75% of properties listed for sale are being bought, which compares well with the historical figure of 50%
  • On average, homes are currently finding a buyer in 39 days
  • Historically, homes find a buyer, on average, in 59 days
  • Historically, the number of new properties coming to the market is strongest in March
  • Even with this, March remains the strongest month to sell because of the high level of buyer demand
  • April and May are also strong months for sellers in the property market

What does the expert say?

Tim Bannister, Rightmove’s Director of Property Data, was quoted by Property Reporter as saying; “Spring has long been known as a peak point in the housing market calendar, with many buyers and sellers trying to get into a new home for the summer months. However, this interesting study confirms that for those considering selling this year, March has historically been the best time to come to market on average. For any sellers who might be conscious of coming to market at a time when the number of new listings has traditionally been high, the data shows us that the level of demand in March means sellers are likely to meet with multiple potential buyers competing for their home.”

Tim Bannister concluded by saying; “This spring is certainly shaping up to be a busy one, with buyer demand, new listings coming to market for sale, and valuation requests to estate agents from future sellers all continuing to increase compared to last year. Gardens are likely to be high on the list of priorities for home-movers, as outdoor space continues to be a strong consideration factor when deciding on a next home.”

Study into property completion dates

June was highlighted as the busiest month of the year. Over the past five years, an average of 68,546 property deals are completed in June. This correlates with the property transactions agreed at the start of the year, which we know is a busy time of year.

March was recognised as the second busiest month of the year in the property market. Based on figures over the last five years, an average of 63,547 property transactions were completed in March. This is likely to correlate with property deals agreed before the holiday season making it over the line.

However, if you aren’t ready to move quickly, don’t panic. The study indicates the average number of property deals which are completed each month remains above 50,000 all the way through to December.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Will Asking Prices Fall In Property Market?

Posted on by colin_williams

At Williams of Petersfield, we want you to make informed decisions when it comes to the housing market. With many people expecting demand for homes to fall, it might be that asking prices will fall. Whatever happens next, you can rest assured we are here for you, and ready to help you make informed decisions.

According to Rightmove, as of November 2021, house prices in Petersfield are as follows;

“Properties in Petersfield had an overall average price of £507,872 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £746,234. Terraced properties sold for an average of £366,811, with semi-detached properties fetching £479,280.

Overall, sold prices in Petersfield over the last year were 16% up on the previous year and 16% up on the 2018 peak of £436,809.”

A study undertaken by MoveStreets highlights the following points:

  • The average asking price on major property portals stands at £296,950
  • The average sales price stands at £258,464
  • This means there is a gap of 13% or £38,486 when it comes to asking prices versus sales prices

Regional variations exist when it comes to overpricing

As you would expect, there is a bigger gap in London!

  • The average asking price stands at £833,944
  • The average sales price is £494,673
  • This is a difference of 41%, or £339,321

Other gaps across the country are as follows:

  • The South West, there is a difference of 24% between asking price and sales price
  • The South East features a difference of 23% between asking and sales price
  • In Wales, the difference between asking and sales price is 21%
  • In the East Midlands, there is a gap of 21% between the asking and sales price
  • For the North East, the gap between asking and sales price is 21%
  • In the West Midlands and the North West, there is a gap of 20% between the asking and sales price
  • Scotland stands apart, with the gap between asking and sales price standing at 4%

Adam Kamani, CEO and Co-Founder of MoveStreets, commented: “We’ve seen an incredibly hot market of late and despite the end of the stamp duty holiday, high levels of buyer demand and low levels of available stock continue to see properties fly off the shelf at pace and for a very good price. However, it’s clear that even in current conditions, many sellers are listing their homes at an over-optimistic price point, no doubt in an attempt to take advantage of the market boom.”

Adam Kamani concluded by saying; “This can be detrimental to your sale regardless of how the market is performing and can result in months of little to no interest in your home. It’s the responsibility of the listing agent to guide sellers and set these expectations. While some will value a home at a higher price point to win business, a difference of ten to hundreds of thousand pounds above market value is perhaps a little too far.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Still Looking For Your Dream Home?

Posted on by colin_williams

What is your dream home? At Williams of Petersfield, we are committed to helping people make the most of their property ambitions. If you have a dream home, we are here to assist you any way that we can.

As we have found in many studies in the past 18 months, people are looking for detached homes. Buyers want space, and this means this style of house is a priority for many. Some of the key requests made by buyers looking for a new home include:

  • Two living rooms
  • A garage
  • A garden
  • A utility room

For buyers aged between 18 and 34, a home office is the top priority when it comes to an additional room. It is only when you consider the needs of buyers aged 65 or older that conservatories feature. This age group is also looking for a bungalow more than a larger home.

For buyers aged between 18 and 24, a dining room is important, while for buyers aged between 25 and 44, a third bathroom is a top priority.

What supermarket comes out on top?

When asked what supermarket people want close to their home, Tesco nudged past Waitrose by a mere 1%.

There is of course a Waitrose in Petersfield, located at 8 Rams Walk, Petersfield GU32 3JA. For Tesco, we have the Tesco Superstore at The Causeway, GU31 4JR while there is also the Tesco Express store, located at 11 Charles St, GU32 3EJ.

Looking at all property listings on Rightmove, Tesco is the supermarket that is mentioned most by estate agents in listings, followed by Waitrose. Waitrose does over-index though when you consider how many more stores Tesco has around Great Britain.

People love a pint

The most important establishment property buyers want close to their home is a pub! The order of vital establishments were as follows:

  1. Pub
  2. Local corner shop
  3. Coffee shop
  4. Local market
  5. Bakeries
  6. Restaurants
  7. Local greengrocers
  8. Local butchers

Some of the finest pubs in Petersfield include The Old Drum, The Good Intent, The Square Brewery, George Petersfield and The Half Moon.

Tim Bannister, Rightmove’s property expert comments: “The study paints a fascinating picture of what a ‘dream home’ really means to people. Usually, you might think a dream home is a mansion with swimming pools and other luxuries, but the British sense of thinking practically comes through very clearly with garages, utility rooms and home offices the order of the day. Perhaps it’s the thought that if you have a dream home you want to make sure you’re going to make use of everything. Rather than choosing an outdoor swimming pool only to realise you can only use it a few weeks of the year, you think of a utility room that you know you’ll be using every day.”

Tim Bannister continued by saying; “Earlier this year detached homes hit over half a million pounds nationally for the first time, aided by increased demand for more space. This means that many people looking to move right now are likely to be looking for a smaller home, but some will have their mindset on how they could eventually achieve the four-bed detached home with a garden. Others will be thinking about what living the coastal life in a cottage could be like, and for some that will mean their daily search on Rightmove turns into picking up the keys to their new life a few months down the line.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Homes Are Selling Fast – How Many Viewings Do You Need?

Posted on by colin_williams

The nature of buying and selling homes has changed of late. It is understandable that many people have been wary of visiting property for a viewing. Virtual viewings have changed the way buyers consider homes, and it might be that it is driving the fast-paced nature of the housing market.

At Williams of Petersfield, we know the market has shifted in recent times. We’ve seen this with our clients, and we’ve seen it with the latest studies.

Many prospective buyers cannot arrange viewings

U-See Homes asked buyers about failing to arrange a viewing before the home was sold, and these are the findings:

  • 51% of buyers said they experienced homes being sold before they made it to the viewing stage
  • 33% of respondents said this happened with at least one quarter of their scheduled viewing
  • 9% said they couldn’t view the property for around a quarter and half of their scheduled appointments
  • 9% said they couldn’t view the property on at least half of their scheduled appointments

It can be hard to arrange a second viewing

U-See Homes also asked buyers if they saw a property once but then didn’t manage to arrange a second viewing because the house was sold. These were the findings:

  • 38% of buyers said this was the case
  • 15% of respondents said it happened at least a quarter of the time before they arranged a second viewing
  • 48% of UK buyers said they would be happy to submit an offer after an initial viewing in person with a second viewing conducted virtually
  • 36% said a virtual tour would have helped them avoid unnecessary viewings
  • 16% of respondents said they would submit an offer on a property liked after a virtual viewing, and without having seen it in person

Simon Dempsey, head of marketing for U-See Homes, commented: “Homes are selling like hotcakes in the current market and if you’re lucky enough to reach the offers stage, the chances are you’ll have some tough competition from a number of other eager buyers. For over half of homebuyers, the initial task of getting a foot in the door is proving too large an obstacle and many are finding the properties they have scheduled to view are flying off the shelf before they’ve even had a chance to view them.”

Simon continued by saying; “Virtual viewings can be a vital resource in overcoming this current property market pitfall, allowing you to get a very good idea of a home before viewing, or as a follow up to an initial viewing to reconfirm your feelings. Doing so allows you to at least remove the need for an unnecessary additional viewing in person and if you do want to make an offer, it can mean getting in ahead of the rest.”

Simon concluded by saying; “Of course, while virtual viewings can streamline the process, you need to make it to that all-important physical viewing first which is also proving a tough ask. That said, 16% of buyers would be prepared to submit an offer without seeing the home in person first – and even we’re a little surprised by that.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Stay In Touch With Latest UK House Prices

Posted on by colin_williams

It is fair to say there has been a lot ups and downs in the housing market of late. If you are struggling to keep up to date with everything that is happening in the market, we are here to assist you.

At Williams of Petersfield, we take immense pride and pleasure in supporting you, no matter what move you wish to make.

Are you up to date with the housing market?

According to the latest UK House Price Index figures from the ONS:

  • Average property prices rose by 13.2% over the year to June 2021
  • This is the highest annual growth rate recorded since November of 2003
  • Average property prices in June were up 9.8% from May 2021
  • The average house price in the UK reached £266,000 in June 2021, which is a record high
  • The June 2021 average house price in the UK is £31,000 higher than the June 2020 figure

Rise in average house prices across the UK

Breaking the average house prices increase by country sees:

  • English house prices rising by 13.3%
  • Welsh house prices rising by 16.7%
  • A 12% rise in Scottish house prices
  • A 9% rise in the price of property in the north of Ireland

What do industry experts say?

Sam Mitchell is the CEO of an online property market company and he said; “House prices continued on their upwards trajectory in June, with the latest ONS figures capturing the final frenzy amongst buyers and sellers before the stamp duty holiday scaled back. Despite the tax break now only being available to properties under £250,000, there are still other factors at play that will likely contribute to further house price increases in the months ahead. Historically low interest rates, an uplift in 95% mortgages and savings accumulated during lockdowns are all going to allow more people to enter the market.”

Sam Mitchell concluded by saying; “Let’s also not forget that the UK is still faced with a major supply and demand imbalance issue. A lack of new stock that fails to meet the demand we see today is enough on its own to push prices up. Particularly when we all appear to be looking for the same thing – a desire for more space, bigger gardens, and that now essential home office.”

Marc von Grundherr, is a well-respected analyst in the UK housing market, and he said; “Another behemoth level of house price growth both on a monthly and annual basis, no doubt influenced by the first of the staggered extensions to the stamp duty holiday as homebuyers purchasing above the £250,000 threshold continued to scramble to secure a saving before the clock expired.”

Marc von Grundherr concluded by saying; “The London market has seen a lesser degree of property market manipulation as a result of the stamp duty holiday. As a result, the capital continues to trail where property price appreciation is concerned but we’re seeing a far more stable market start to emerge and one that is showing greater long-term momentum as both domestic and foreign interest start to return. Sales are increasing, sellers are achieving a greater level of asking price than they were just a few months ago, and all of these indicators suggest a property market resurgence is stirring.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

There Is Confidence In The Property Market

Posted on by colin_williams

These are challenging times in the housing market, but at Williams of Petersfield, we believe there is significant confidence in the property market. We see this when we speak with clients, and we see this in the major studies carried out in the housing market.

Market analysis carried out by the Building Societies Association (BSA) found:

  • 30% of respondents think this is a good time to buy property
  • This 30% is a drop from the 37% of respondents who said March was a good time to buy property, which is likely linked to the tapering off of the stamp duty holiday period, and the increase in property prices

What matters to home buyers?

The study spoke to people who are likely to move home or who will buy their first home in the next six months, and the following findings were made:

  • Location remains the leading priority for property buyers
  • 73% of respondents said obtaining more private outdoor space was vital, which represents a significant rise
  • 62% of respondents said moving away from built-up areas and being closer to nature was important
  • Finance was an important factor too, with many people looking to move to better manage their mortgage payments:
  • 51% of respondents cited reducing their mortgage payments as being a driving factor in switching
  • This represents a big increase over the 37% of respondents who cited this in December 2020
  • 59% of respondents said raising a deposit was likely to be the biggest barrier to them stepping on the property ladder
  • A lack of job security was cited by 48% of respondents, which is high, but less than the 68% cited by respondents in September 2020

Paul Broadhead, Head of Mortgage and Housing Policy at the BSA, said: “These latest results are an encouraging sign that the impacts of the Covid-19 pandemic are starting to fade for many, as confidence in the housing market remains strong. There’s no doubt that the government support measures introduced over the last 12 months, such as the Stamp Duty holiday, have been key drivers of the confidence we see. It does however appear that the market will remain buoyant as these incentives come to an end.”

Paul continued by saying; “Whilst the Nationwide Building Society House Price Index reports house price growth of over 11% in the last 12 months, and our research shows 50% of the public think further price rises are likely in the coming 12 months, it’s not surprising that raising a deposit has returned as the biggest challenge for those wanting to get on the property ladder. It’s therefore good to see that in addition to a number of societies supporting the government’s First Homes initiative, many have also re-introduced low deposit mortgages as part of their standard mortgage range.”

Paul Broadhead concluded by saying; “Amongst all the positive signs in the housing market, it’s important to note that almost half of the respondents have concerns about their job security. Whilst this is a declining trend, it remains clear that there are many people for whom the pandemic continues to have a negative financial impact and it’s important both for lenders and government to ensure that appropriate safety nets are available to give households the support they need when they need it”.

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Why Are People Moving?

Posted on by colin_williams

At Williams of Petersfield, we are pleased to say we speak with many people engaging the housing market. We like to help people, and it is easier to help people when we know what they are looking for.

This is why we are always keen to speak with people and find out why they are moving. This information is invaluable, and it provides us with a great deal of help in assisting buyers and vendors.

We also pay attention to the latest studies in the industry. A lot of people have moved home recently, and there have been many influencing factors. If you want to be informed as to why people are moving home, contact Williams of Petersfield and we will be happy to help.

The pandemic has changed life for many people

GHD, a professional services company, carried out a survey and the findings shine a light on how many people are looking to move, related to the pandemic.

Some of the key findings include:

  • Up to 40% of respondents, in the UK, are at the very least considering moving home to a different location
  • Of respondents currently living in an urban area, 51% said they were looking to move
  • Of respondents currently living in a city centre location, 48% said they were keen to move
  • Of the respondents living in a suburban area, 34% have highlighted a desire to move
  • Of the respondents living in a rural area, 28% expressed a desire to move
  • 34% of respondents expect more remote working following the pandemic
  • Of this group, over half didn’t work from home before the pandemic started

The most commonly cited reasons to move include:

  • To have more space to allow easier remote working
  • To live in an aera which had cleaner air
  • To have better local access to nature

The survey showed people from the UK were more intent on moving than people living in Singapore, New Zealand, Australia, Canada and the United States of America.

The survey spoke more than 8,000 people in these countries, and over 1,000 respondents were based in the UK.

We are here to help you

GHD executive director Tim Mawhood spoke about the findings, saying; “At the beginning of 2021, some large cities experienced dips in population, demonstrating the extent to which changing work practices, and the prevalence of online shopping, are increasingly making location a choice for some, since proximity to workplaces and physical shops is now less of a consideration. Early signs already suggest that peri-urban areas are growing in popularity, as some turn their back on living in densely populated city centres in favour of local living. What is certain is that town and city leaders must ensure their regions have a long-term vision for living and operating sustainably in order to attract both businesses and residents.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

 

Interesting Times For First-Time Buyers

Posted on by colin_williams

With the stamp duty holiday tailing off, there is a strong chance first-time buyers will come back to the market in larger numbers. At Williams of Petersfield, we have seen a drop-off in activity from first-time buyers, but we believe this is set to change soon.

This has been a challenging time for many buyers

Yopa commissioned Censuswide to speak to 2,000 people, all planning on buying their first house in the next year. The study found:

  • 70% of respondents have been furloughed at some point in the past year
  • One in six respondents have lost their job because of the pandemic
  • More than 50% of respondents have experienced a collapse of a property deal in the past year

Mike Scott, Chief Analyst at Yopa, says: “Delays in moving due to the recent situation are obviously going to exist. But the extent of the delay reported by potential first-time buyers suggests that there is still pent-up demand waiting for the restrictions to be eased further, for furloughs and job uncertainty to end, and for people to return to full-time work for full-time salaries.”

Other findings in the study include:

  • One in three homebuyers are happy to wait until the stamp duty holiday ends to be active in the market
  • 22% of respondents said the stamp duty holiday hasn’t impacted their plans

Mike Scott also said; “At Yopa we do not expect an immediate national fall in prices once the stamp duty holiday ends. We believe that the lifting of Covid-19 restrictions – combined with people’s reassessed post-pandemic housing needs, the ‘accidental savings’ that many have made over the past year and the desire for a post-pandemic fresh start – will keep house prices high for at least for the rest of this year. There may well be price decreases in some market sectors, such as inner-city flats, but these will be more than outweighed by price rises for property types that are in high demand for the post-pandemic lifestyle.”

Are you looking to move soon?

Some of the leading concerns cited by respondents include:

  • The size of deposit required to buy a home
  • A lack of suitable and affordable mortgage products
  • Additional criteria restrictions placed on attractive mortgages
  • One in five buyers plan on using the new Government backed mortgage guarantee scheme
  • 85% of first-time buyers plan on using some form of Government assistance to buy a home
  • 13% of respondents said commuter links are less important now than they were before the pandemic
  • 75% of respondents listed outside space and fast broadband as being of the utmost importance

Neil Weston, Principal of Scout Financial Services, Yopa’s mortgage broker partner, says: “In general, we expect prices will rise further rather than falling in the second half of this year after the main stamp duty holiday ends. Those first time buyers who are hoping for prices to fall after the holiday ends are likely to be disappointed and may end up paying even more.”

Neil concluded by saying; “80% of the first-time buyers Yopa surveyed said that they were priced out of the initial area they were hoping to buy in; alarmingly, even 77% of those with household incomes exceeding £75,000 said the same. If first-time buyers are still hoping to get on the property ladder in 2021, they should really be getting their ducks in a row now to avoid being further priced out later in the year.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Asking Prices Are Rising

Posted on by colin_williams

At Williams of Petersfield, we aim to keep you informed with every important aspect of the housing market. This is something we are proud of, and if you have any questions, please get in touch.

We appreciate it has been a challenging time in the property market, and it has never been more important to make informed decisions. We are here to ensure you make informed decisions at all times.

Do you know how the Petersfield housing market is performing?

As of June 2021, Rightmove describes the Petersfield housing market as such;

“Properties in Petersfield had an overall average price of £466,239 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £649,979. Terraced properties sold for an average of £368,139, with semi-detached properties fetching £465,688.

Overall, sold prices in Petersfield over the last year were 5% up on the previous year and 7% up on the 2018 peak of £436,809.”

These prices are interesting, as is information which states asking prices have risen.

In the latest research published by Rightmove, asking prices have risen by close to £6,000 a month (on average) in the space of a month.

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Some of the key headlines from the data include:

  • There has been an increase of £5,767 in the average seller asking price
  • This represents a month-on-month increase of 1.8%
  • The May 2021 average asking price was £333,365, which is a new record
  • The April 2021 average asking price was £327,797
  • There is a growing supply-demand imbalance across the country, and in some areas, this has led to a double-digit price increase
  • Some of the areas with a double-digit increase include Wales with a 13% rise, the North West, with an increase of 11.1% and Yorkshire and the Humber, which rose by 10.5%
  • In London, the average rate of price increase since pre-lockdown is 0.2%
  • On average, London property prices are 2.9 times higher than in the northern areas of Great Britain

Tim Bannister, Rightmove’s director of property data, commented: “Last year’s unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions. Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands. This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds. In another twist, it is the regions of Britain further north that are leading the way, with some degree of catching up between average prices in London and the north.”

Tim Bannister continued by saying; “While the gap remains very large, with average prices in London still 2.9 times higher than those in the north, this ratio is now at its smallest since 2013. The pandemic has given a greater focus on the home, and in 2020 we saw a surge in southern coastal and rural areas. So far 2021 is proving to be the year of the northern mover, not only satisfying their pent-up housing needs, but in doing so also narrowing some of the huge price gap with London.”

Tim Bannister also said; “Family homes with three bedrooms or more are like gold dust in many areas of the country, especially in parts of the north. For example, compared to the same period in 2019 agents in the North East have 59% less available stock for sale in the ‘second-stepper’ sector made up predominantly of three-bedroom homes, while Scotland is 65% down in the “top of the ladder” four bedroom or more sector. In contrast, London’s available stock is down 20% and 24% respectively in these sectors, so while supply is still limited it is more closely matched to demand.”

Research undertaken by Rightmove amongst people looking to sell their home in the next month found an average of 84% of people in the north are keen to move locally, while only 52% of prospective London movers want to move locally.

Tim Bannister concluded by saying; “Another important factor driving the higher demand and quicker average time to sell in the north is that more of their sellers are intending to buy and stay local, whereas many Londoners are looking to move out. The pandemic has changed many aspects of what people want from their homes, and the pricing pendulum is swinging away from London towards the north.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.