colin_williams, Author at Williams Of Petersfield

Why Are People Moving?

Posted on June 29, 2021 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 June 22, 2021 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.”

Asking Prices Are Rising

Posted on June 10, 2021June 15, 2021 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.

We are here to assist you make a move

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.”

External Property Improvements Which Boost Home Value

Posted on May 25, 2021 by colin_williams

One of the reasons so many people love living in and around Petersfield is because of the outdoor space. Therefore, it shouldn’t be a surprise to see the outside of property in this area boosting property value.

This is the same in many parts of the country. Demand for homes which have stylish or appealing outdoor space is on the rise. This is what we see when speaking with prospective buyers, and it is what is found in various studies of the housing market.

What changes can you make to the outside of your home?

Rated People, a site which compared trade professionals, carried out a study to see the changes homeowners are making to their home, and the value these improvements offer.

The top 10 most value-adding garden improvements in 2021:

1: Swimming pool would add £7,707 in value

2: Home office garden room would add value of £5,325

3: Summerhouse would add value of £5,249

4: Gym/studio room in the garden could increase your property value by £5,107

5: Bifold doors/French windows to the garden will add £4,654

6: Outdoor entertaining area can boost the value of your property by £4,286

7: Decked patio will increase value by £4,227

8: Paved patio will boost your value by £4,083

9: Greenhouse will increase your property value by £3,805

10: Mature plants/trees/flowers will add £3,716 in value

What jobs are in demand right now?

The top 10 jobs rising in popularity, when considering the year-on-year increase between 2019 and 2020, the most for 2021 are:

1: Swimming pool maintenance + 223%

2: Garden gym +218%

3: Wooden/metal/wire fencing +143%

4: BBQ +111%

5: Firepit +92%

6: Sprinkler system +82%

7: Wooden decking +77%

8: Log cabins +74%

9: Summerhouse +73%

10: Playhouse/garden shed +71%

Adrienne Minster, CEO at Rated People commented: “Our gardens and outside spaces have been a lifeline over the past year. For many of us, outside spaces have gone from being somewhere we might spend a bit of time when the weather is nice, to an important extension of our homes which have allowed us to see friends and family when it might not otherwise have been possible. It’s easy to see why homeowners and homebuyers now place more value on outdoor spaces.”

Further study emphasises the importance of garden space

There has also been a study undertaken by the AA, with the findings suggesting one in five people believe their garden increases property value by £10,000 to £40,000. In the South East of England, 15% of respondents felt a garden increased their property value by between £20,000 and £40,000.

57% of respondents said they would look for a property with a garden after living in one that didn’t offer garden access.

Jack Cousens, from the AA, comments: “2020 was a tumultuous time for new and existing homeowners, so it is notable to see that gardens and green space are so highly regarded in terms of both the study and the survey. As a nation, we are fairly apt with DIY and home improvement, so it will be interesting to see whether this trend will continue in 2021.”

95 Percent Mortgage Guarantee Scheme Launched

Posted on May 9, 2021May 17, 2021 by colin_williams

For many buyers, the hardest aspect of buying property is saving for the deposit. This is why the 95% mortgage guarantee scheme, which is now in effect, will be of benefit and interest to many prospective buyers.

At Williams of Petersfield, we work closely with many people in the local area. We know there is considerable demand for property right now, and we can help.

The criteria of the scheme is based on:

Buyers can purchase property valued up to £600,000 with a 5% deposit
The scheme is open to first-time buyers, and existing homeowners
The scheme is not limited to new-build property, it can be used on all manner of property
The scheme aims to help buyers by incentivising lenders to provide more affordable mortgages to more buyers

Can buyers in Petersfield benefit from the mortgage guarantee scheme?

With the £600,000 threshold in mind, it is helpful to be reminded of the average price of property in Petersfield.

According to Rightmove, as of the end of April 2021, the Petersfield housing market can be described as follows:

“Properties in Petersfield had an overall average price of £463,407 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £660,352. Terraced properties sold for an average of £358,202, with semi-detached properties fetching £458,345.

Overall, sold prices in Petersfield over the last year were 5% up on the previous year and 6% up on the 2018 peak of £436,809.”

As can be seen, the average price of detached properties, the most commonly sold property type in Petersfield, is above the threshold, but the average price of all properties is below. So, if you are looking to buy a home in Petersfield, and you require assistance in saving for the deposit, help is likely to be available.

Robert Jenrick, Housing Secretary, comments: “For too many people, no matter how hard they work, homeownership can seem out of reach. One of the biggest divides in our country has been between those who can afford their own home and those who cannot. That’s why we are determined to do everything we can to help hard-working families and prospective first-time buyers get their feet on the housing ladder in an easy and affordable way, to level up this country. The new mortgage guarantee scheme which comes into effect today will give providers the confidence to lend and help families and young people get on the property ladder without the prohibitive burden of a large deposit.”

This measure should help buyers

Tim Bannister, Rightmove’s director of property data, says: “The new mortgage scheme could help some first-time buyers bring their plans forward if they have a lower deposit but are still able to pass the affordability checks, and will be welcomed by those who last year we’re struggling to come up with a 15 or 20% deposit. Although the number of new properties coming to the market is improving, it’s still nowhere near enough to satisfy the buyer demand that is already at record levels, and so more people choosing to trade up will be vital to open up more choice at the start of the property ladder.”

Tim Bannister also said; “The combination of not enough stock and high demand will help underpin prices, and over the past five years asking prices of a typical first-time buyer home have already increased by £23,000 on average, so those who can now afford to buy a home will be trying to make the move quickly in case prices rise further.”

Rental Market Boom In Places Like Petersfield

Posted on May 4, 2021 by colin_williams

Relevancy is crucial when it comes to property and lettings market news. You often find there is a story relating to good news about the property market, but it only refers to certain places, or places which have a certain type of housing.

In recent years, the London housing market dominated the media, and it seemed as though every story related to the capital, and wasn’t relevant to the rest of the country.

Things have changed in the past year, and there is no denying that people are looking away from London with greater intent these days.

Petersfield has a great deal to offer

It is not as though Petersfield is the number one place people think of when it comes to commuting to and from London. Even nowadays, with commuting less common, there are other places that buyers gravitate towards.

However, the train journey between Petersfield and Waterloo Station isn’t that much longer than an hour. Also, if you only have to commute a few times per month, these trips will be more than manageable.

Rural settings are fantastic

A lot has been said about buyers looking outside of big cities, and setting up in rural settings. The same can be said for tenants. There is a great deal to be said for living in the countryside, and enjoying a more sedate pace of life.

We believe Petersfield has a lot to offer, and is the ideal base, even for people who still work in the heart of London. We also know that we are not alone in this thought.

We have spoken with many would-be buyers and tenants of late, and we know this area appeals. We also stay in touch with the latest reviews and studies, and we know areas like Petersfield are in huge demand right now.

Some key findings of the recent study include:

Rents outside of London have risen by 8% in the past year
Average rents in Inner London have fallen 17.7% when looking at the year-on-year figures
The increase in rents (of newly let properties) outside of London is the biggest since these records began in 2012
In Outer London, rents rose by 5.3%
In the South East of England, rents grew by 10.6%

In a separate study carried out by Zoopla, the time taken to let a property has fallen by 30% compared to this time last year.

Stuart Williams, Director of Thirlmere Deacon, commented: “Investors who have been closely monitoring market movements will recognise that there’s been a shift in tenant preferences and an increased demand for properties located in commuter towns. Our new development is an ideal opportunity for those seeking to secure a buy-to-let property in an established commuter location. Through thoughtful planning, the conversion makes the very most of the available space to create unique, modern and spacious apartments finished with high-quality fixtures and fittings. In addition to the in-apartment features, the development offers excellent facilities including secure bike storage, additional storage facilities, lift access, daytime concierge and allocated parking spaces (available to purchase).”

Will Petersfield Buyers Benefit From Small Mortgage Guarantee Scheme?

Posted on April 25, 2021 by colin_williams

While the extension of the stamp duty holiday was the headline issue for property matters in the March 2021 Budget, it wasn’t the only measure announced. One of the biggest problems for property buyers is saving for a deposit.

The small deposit mortgage guarantee is great news for buyers who have been struggling, and hopefully, many prospective buyers will find assistance here. Also, existing homeowners who have found their attempts to move thwarted by the required budget will benefit too.

Will small deposit mortgage guarantee change this process for first-time buyers?

If you are interested in the small mortgage guarantee scheme, you should check if you can buy a property under the scheme. There is a threshold of £600,000; and to be eligible for the scheme, the property you buy must be priced no higher than this level.

As of the end of March 2021, Rightmove says the following about the Petersfield housing market:

“Properties in Petersfield had an overall average price of £428,729 over the last year.

The majority of sales in Petersfield during the last year were terraced properties, selling for an average price of £353,247. Detached properties sold for an average of £622,206, with flats fetching £225,461.

Overall, sold prices in Petersfield over the last year were 4% down on the previous year and 2% down on the 2018 peak of £436,809.”

Andrew Harvey, chief economist at Nationwide, said: “We have seen a significant widening in the gap between the least affordable and most affordable regions. London has been the least affordable region for most of the past 40 years – the house price to earnings ratio in the capital reached a record high in 2016 of 10.2 and remained elevated at 9.2 at the end of 2020. Scotland currently has the lowest house price to earnings ratio at 3.2, closely followed by the North at 3.3. Looking over the longer term, Northern England and Scotland have historically seen lower house price to earnings ratios than Southern England, Wales and Northern Ireland.”

There is support for property buyers

Andrew Asaam, mortgages director at Halifax, said: “We know that lockdown restrictions have made it more practically challenging for those buying and selling, but the stamp duty holiday has helped drive record levels of mortgage approvals as those held back by lockdown race to make savings. Raising a deposit is still the biggest struggle for those looking to take their first step on to the property ladder. We know that first-time buyers will benefit from steps that make a deposit more attainable and we’re committed to lending £10 billion to help people buy their first home this year.”

Zoopla’s head of research, Gráinne Gilmor spoke about first-time buyers returning to the market. Gráinne said; “Our data suggests that first-time buyers are returning to the housing market. The level of interest from people looking to step onto the housing ladder was up 5% in the first six weeks of this year compared with the last three months of 2020. We’ve also seen a 18% increase in the number of sales agreed on homes worth between £100,000 and £250,000, a price band typically associated with first-time buyers, in the first seven weeks of this year.”

Connecting With Property Buyers This Spring

Posted on April 20, 2021 by colin_williams

It is likely there will be considerable activity in the housing market this spring. As we move out of lockdown, many homeowners will look to make changes which allow them to make more out of life.

Also, there were a number of property market measures introduced in the 2021 March Budget. Many households will have examined their options, and it is likely some will find these schemes and new support to be of benefit to them.

If you are looking to sell your home, Williams of Petersfield is here to assist you. We have helped many local property owners connect with buyers, and we can do the same for you.

To improve your chances of connecting with buyers, it is vital you know what they are looking for.

Know what buyers are looking for

The study from GetAgent examines how people have changed in the past year when it comes to owning property. Homeownership is a dream for many people and households, but does the dream end with merely owning a home?

We know many people we work closely with spend a lot of time and money transforming their home. By doing so, they create a house where they feel at home.

The findings from the study were as follows:

38% of homeowners said owning property was their main aspiration
45% of respondents said that there was more to property ownership than having a roof over their heads, and it’s important that their home fits with their lifestyle
A further 17% of respondents said it was very important that their home fits with their life

The survey also asked people to rank what was important to them in their home, with the following results:

24% of respondents said safety was a priority
20% said size was a priority
Energy-efficiency was stated by 19% of respondents
8% said having a garage
6% said having a garden mattered
A home bar mattered to 4% of respondents
3% of respondents stated an integrated media system mattered

People want to love their home

Colby Short, Founder and CEO of GetAgent.co.uk, commented: “There’s no doubting we’re a house-proud nation but the definition of being house proud has certainly evolved over the years. Gone are the days of presenting a pristine show home to impress friends and family and today, we love to put our own unique stamp on our properties in all manner of ways.”

Colby concluded by saying; “For some, it’s energy-efficient improvements such as solar panels, for others a space to get their hands dirty working on their latest project is important. Others prefer to entertain, while the latest technology integration or entertainment system makes some of us tick. Whatever it is, we love to spend time at home doing the things we love and so it’s no surprise that they’ve become more of an extension of who we are rather than simply a roof over our heads.”

Will Downsizing Impact All Buyers And Vendors?

Posted on April 8, 2021 by colin_williams

When it comes to looking at the housing market, it is natural people only pay attention to the issues that they think impact them.

Property news about locations where they don’t wish to live or buy a home carries no relevance to them. Similarly, property news regarding property types or sizes that don’t interest will be unimportant to them.

However, the way the property market is connected might mean these matters have a bigger influence on your attempts to move than you think.

You might not think downsizing is relevant for your next move. It could be you think downsizing is only for elderly people looking to buy a more manageable home, or people looking to move to a more affordable property.

These circumstances are common, but there is also connectivity to other buyers and vendors.

If you are looking to buy a larger home, your ideal house might be one placed onto the market by a downsizing household.

If you are looking to sell your home as you move to a larger property, the ideal buyer for your current property might be someone who is downsizing to your current size.

Therefore, downsizing is a key issue in the housing market, and at Williams of Petersfield, we will keep you informed with what is happening right now.

A study by Audley Group indicates a growing number of older homeowners are considering downsizing sooner than they intended to. Admittedly, this research has been carried out by a retirement homes developer, so there is a likely bias to their findings.

The survey of people aged 55 or older found:

34% of respondents wished to live in a better area
29% of respondents wanted to live closer to their family and friends

There is growing demand for retirement property

According to the Associated Retirement Community Operators, again a body who have a vested interest in the market, suggests 85% of retirement property providers experienced an increase in sales and lettings in autumn 2020 compared to the previous year.

The same study also provided the following returns:

Higher sales and lettings in 2020 compared to 2019 were stated by 30% of respondents
25% of respondents said they saw sales and lettings at least 50% higher in this field

Rightmove information also suggests a movement in this manner

While there has been considerable focus on larger homes, Rightmove information suggests bungalows have been in significant demand. Their findings suggest:

The number of properties sold in 2020 was 7% higher than for 2019
There was a shortage of bungalows listed for sale, falling 10% on the 2019 figures
By comparison, the drop for houses was only 3% in this time period
The average asking price for property rose by 4% to £317,583

Do You Dream Of Owning Your Home?

Posted on March 15, 2021 by colin_williams

We know the past year has been a challenging one, and it has left many people wondering if they will ever own property. However, the lockdown period has reinforced the need for space, and recent studies indicate many people have serious dreams about owning property one day.

If you would like to discuss your property plans or ambitions, contact Williams of Petersfield. We are here to assist you as best we can, and we look froward to helping you achieve your property dreams.

What is your property dream?

Research from Aldermore has revealed that almost half of the UK’s renters have not given up on their dream of being a homeowner.

Aldermore spoke with 2,000 private tenants in the UK, and 45% say “owning a home is a life goal”, and 26% are actively saving for a deposit.

The areas which saw the most significant level of intent from renters to buy were:

Northern Ireland
Greater London
South East of England

There are challenges to overcome

Some of the biggest challenges cited by prospective buyers were:

38% of respondents said they were actively looking to upgrade their credit score
30% of respondents were concerned about raising a deposit
28% of private tenants cited their credit history as a concern
17% of respondents cited affordable house prices
13% said high rental costs was a concern
8% of respondents said securing a mortgage was their biggest obstacle

Credit issues cause problems

If you are looking to buy a home, you need to feel confident about your credit score, and what mortgage offer you will likely receive. If you have concerns regarding your credit score, and how it will impact you, you are not alone. We are also happy to advise as best we can.

The main credit issues experienced by respondents include:

Their overdraft, said by 26% of respondents
Credit card debt, said by 25% of respondents
Employment gaps, said by 21% of respondents
Being responsible for dependents was cited by 17% of respondents
Missed bill payments was listed by 15% of respondents
8% of respondents save said their account has been handled by collection agencies
7% have said they have taken out a payday loan
5% have a CCJ (County court Judgment) in their past

Of course, there have also been challenges presented by the pandemic:

22% of tenants have been placed on furlough or lost employment
12% of tenants have admitted to missing or making a late rental payment
14% of tenants say they have had to use their savings to get by

Jon Cooper is the head of mortgage distribution at Aldermore, and he said: “The experience of lockdown has focused renters’ minds to work towards owning a home more than ever before, but it is clear from the data that renters see credit issues in their past as a problem for them. And with many dealing with furlough and reduced incomes recently, it is understandable they may feel the dream of homeownership is far from reach. However, the challenges they face are not as large a barrier to buying a home as it may have been in the past. Specialist lenders, like Aldermore, consider borrowers with credit issues, including debt and CCJs, alongside those experiencing furlough, so options are open as we begin the new year for renters that previously may have been turned away from high street lenders.”

Detached Properties In Demand And Rising In Price

Posted on March 9, 2021 by colin_williams

As people crave more space at home, it is inevitable many house moves will occur with households moving to a larger property. Therefore, detached properties are likely to be in demand, and in Petersfield, there is a good selection of detached properties for sale.

As of late February 2021, Rightmove had 77 properties listed for sale in Petersfield. Of these 77 properties, 16 were classed as detached properties.

How is the Petersfield market faring?

At this time, Rightmove described the local housing market as;

“Properties in Petersfield had an overall average price of £423,692 over the last year.

The majority of sales in Petersfield during the last year were terraced properties, selling for an average price of £354,966. Detached properties sold for an average of £627,628, with flats fetching £221,511.

Overall, sold prices in Petersfield over the last year were 4% down on the previous year and 3% down on the 2018 peak of £436,809.”

As by the Rightmove figures, the average price of detached properties in Petersfield over the past 12 months is £627,628.

At the end of 2020, the average price of a detached property in the UK was £486,595. This is a rise of 10% or £43,365 compared to the end of 2019.

Information provided by the Halifax suggests this is the most notable boom in property in the past 12 months.

There was a rise of 3.19% for flats, equivalent to £4,533, which rose to an average price tag of £146,717

The increase for terraced properties was £11,178, a rose of 5.84%, taking the average price to £146,717

Semi-detached properties rose by 6.26% to £16,930, holding an average price of £287,313.

Russell Galley, Managing Director, Halifax, said: “As many continue to work from home, this has led to a significant increase in demand for bigger properties, which has likely driven the boost in price we’ve seen in detached homes versus other property types. Over the past six months, the average UK house price has risen by 6.3%, making it the market’s best half-year performance since early 2007. While this increase is good news for the market overall, it has further widened the rungs on the housing ladder – particularly for those looking to upsize to a detached property – making the jump more expensive than ever before.”

You can expect to pay more for a larger home

Flat owners have been advised they will be expected to pay an additional £55,823 to upgrade their property, and move into a terraced house.

Terraced property owners should expect to pay an additional £84,777 to move into a semi-detached property.

However, anyone looking to move from a semi-detached property to a detached house should be prepared to pay an additional £199,282.

Property price rises in 2020 means house price inflation as of the end of 2020 for property movers stands at 6.4%, and this is higher than it is for first-time buyers, which stands at 4.5%.

Russell added: “While price increases are good news for the market overall, this has impacted home movers looking to upsize, as the gaps between each rung of the housing ladder have widened significantly. Those who have been unable to take a step up the housing ladder in the last year or so may find it harder to trade up than ever before.”