Tag: Demand

RICS Confirm Larger Homes In Demand

Posted on by colin_williams

At Williams of Petersfield, we are more than happy to keep you up to date with what is happening in the local housing market.

We have helped many buyers and vendors in Petersfield, and if we can be of assistance to you, we will. However, we know many people are looking to remain informed as to what is happening in the housing market across the country.

This is an area where we can also assist you.

Stay in touch with what is happening in the housing market

It is always worthwhile to consider findings from the Royal Institution of Chartered Surveyors review of the market.

63% of respondents said there has been an increase in buyer interest in the most recent month.

Agreed sales increased for the third month in a row, and there was a net balance of 61% of contributors experiencing an increase in activity.

Sales expectations remain positive, although in the longer-term, 12-month sales projections are more modest.

The RICS findings confirms the shift in buyer demand when it comes to desirable characteristics. Over 80% of respondents expect the demand for properties with a garden to continue rising in the next two years.

A similar rise for properties which are located near to open spaces is also expected.

House prices are expected to rise

The RICS survey also indicates there is an expectation house prices will rise. Expanding on this matter, the RICS website news release states; “The August survey feedback points to a sharp acceleration in house price inflation. At the national level, a net balance of +44% of respondents reported an increase in prices, the strongest reading since 2016. This is up from a net balance of +13% in July and marks a dramatic turnaround compared to the reading of -33% registered back in May. What’s more, virtually all parts of the UK are now seeing prices increase.”

Key takeaways from the August RICS report are as follows:

  • National house price growth indicator hits a four-year high
  • Enquiries, sales and new instructions all continue to rise
  • 83% of respondents foresee demand increasing for homes with gardens / outside space over the next two years while 79% predict rising demand for those properties near green space

Simon Rubinsohn is RICS chief economist, and he said; “The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months. More of a concern is the pick-up in prices which could intensify issues around affordability in some parts of the country. Disaggregated data shows demand generally to run ahead of supply.”

Simon continued by saying; “Meanwhile the results provide a further pointer to more substantive changes taking place in household behaviour in the wake of the pandemic. Increased demand for properties with garden and near green spaces has if anything increased since we tested the water in May.”

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.

 

Demand Is Sustained In Property Market

Posted on by colin_williams

The introduction of the stamp duty holiday has been welcomed by many people in the housing sector. There is no denying many people are considering making a move, because of the substantial saving on offer. With vendors encouraged by the number of buyers in the market, there is a great deal of activity in all aspects of the housing market.

This is something we have seen in and around Petersfield, and it is something we have noted nationally. If you are looking to sell your home in Petersfield, please get in touch. At Williams of Petersfield, we are pleased to say we have assisted many local homeowners connect with buyers.

A property valuation helps sell your home

One of the most important tasks in selling your home is arranging for a property valuation. As local agents, we are perfectly placed to ensure you connect with buyers and sell your home. If you need any guidance or assistance in selling your home, please get in touch with us today.

Information provided by the property group Andrews for July 2020 suggests:

  • Viewings rose by 29% compared to the previous months’ viewing figures
  • Physical viewings increased by 45% in comparison with the previous month
  • In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
  • In April 2020, the average was 20 viewings per day
  • There was a rise of 12% with respect to offers made and accepted by vendors in July 2020

David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”

We can help local buyers and vendors

We know most of the focus has fallen on buyers, but the stamp duty holiday should be viewed as a positive factor for vendors too. If you need assistance in selling your Petersfield property, we are here to assist you.

David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”

While there will be many challenges to come in the housing market, we are here to help.

David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”

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.