Add Property Value With A Simple Step

This is the perfect time of year to take care of your radiators and make sure your home is well set up for what comes next this autumn and winter. At Williams of Petersfield, we are advocates of caring for your radiators, as this brings short and long-term benefits to your home.

If you need guidance on selling your home, or any other aspect of the housing market, we are here to help you.

Think about property value at all times

Property Energy Professionals Association (PEPA) has spoken about the importance of Energy Performance Certificate (EPC) ratings on property prices. The organisation has examined research carried out by Nationwide and said that properties holding an A or B rating carry a value that is around 5.2% greater than properties with an F or G rating.

With PEPE stating the average value of property stands at £280,000; this could see an additional £14,500 added to the house price.

Andrew Parkin, PEPA Chairman, says: “With property and energy prices continuing to rise and with increased global focus on energy efficiency and carbon emission reductions, the value of improving energy efficiency in properties is only likely to increase. It makes sense for homeowners to invest in an EPC now to find out what opportunities there may be to enhance the value of their property and reduce energy bills without waiting for the time when they may wish to sell.”

You can add value to your home

Andrew Harvey, senior economist at Nationwide, said: “Decarbonising and adapting the UK’s housing stock is critical if the UK is to meet its 2050 emissions targets, especially given that the housing stock accounts for around 15% of the UK’s total carbon emissions. With this in mind, we used our house price data to explore the extent to which owner occupiers pay a premium or discount for a home due to its energy performance rating. To do this, we included energy efficiency ratings from [EPCs] alongside the usual property characteristics data we use in our House Price Index.”

Andrew Harvey continued by saying; “This allowed us to control for other factors that can influence the value of a house or flat and isolate the impact of energy efficiency ratings alone. Government analysis based on the latest English Housing Survey suggests that if all eligible energy improvement measures defined in the EPC methodology were to be installed in the current stock of dwellings, 98% would be rated A to C, with just 2% in band D or lower. Installing all the recommended energy improvement measures in homes currently rated F or G would result in an average saving of around £1,780 per year.”

Andrew Harvey concluded by saying; “However, the installation cost for such measures is also high at an estimated £25,800, meaning a payback period of around 14 years. The government’s current aspiration is to upgrade as many homes as possible to band C by 2035. The average cost to improve a property to an energy efficiency of band C is c£8,100, though the cost is considerably higher for properties rated F or G. However, the pace of energy efficiency improvements is relatively slow given the scale of the challenge. For example, insulation installation is well below the 2012 peak, the last year of the Carbon Emissions Reduction Target and Community Energy Savings Programme. This suggests a need for further incentives to help decarbonise homes.”

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.

Make Informed Choices In Housing Market

You can look at many pieces of information to tell you how the market is faring, but property prices and mortgage approvals tell you a lot. This is something we know and care about at Williams of Petersfield, and we are on hand to ensure you make informed decisions when it comes to the housing market.

If you are looking to make a move and need any assistance, please get in touch, and we will be happy to help.

Stay in touch with Petersfield house prices

According to Rightmove, as of the end of September 2021, the average price paid for property in Petersfield is as follows;

Properties in Petersfield had an overall average price of £506,837 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £724,455. Terraced properties sold for an average of £368,305, with semi-detached properties fetching £461,730.

Overall, sold prices in Petersfield over the last year were 17% up on the previous year and 16% up on the 2018 peak of £436,809.”

Mortgage lending has been high this year

Information provided by the Bank of England show £89bn of mortgage lending was approved between April and June 2021. This is the highest amount since 2007.

The majority of mortgage applications were made by people intending to live in the property, with at least 66.4% of applicants stating this.

Breaking this group down uncovers:

  • 24.7% as first-time buyers, which represents a 6.5% increase from a year ago and a 2.8% rise since the beginning of 2021
  • Home-movers rose to 41.7%, a rise of 18.3% on the previous year
  • Buy-to-let mortgages account for 11.3% of mortgage approvals, a fall of 3.1% from a year before

However, some names in the mortgage sector believe this positive activity might not last for too long.

Mark Gilliver, business Development director at mortgage software provider the Target Group, said: “Throughout the pandemic, the mortgage market has been in a state of fluctuation, initially seeing a drop in demand during the first lockdown, but then experiencing a boom in demand thanks to the stamp duty holiday initiative.”

Mark also said; “This in itself has led to heightened demand and therefore an increase in prices, forcing many to take out larger mortgages. Whilst some were able to build deposit nest eggs thanks to reduced outgoings, quarter two saw a boom in demand, as homebuyers looked to escape a costly tax bill.”

Mark Gilliver concluded by saying; “However, the Q2 results could be seen as outliers, as we are unlikely to see such a rush again for a while. With inflationary pressures and the threat of increased interest rates not far off, the next quarter could well tell a very different story. This could be a sign that the phase of bigger mortgages is on its way out now that the UK has reopened and spending on non-essentials items is reintroduced into the public’s budgets.”

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.

What Turns Buyers Off?

We know there are many things buyers love to see when looking at a home, but what about the things that buyers hate to see when looking at present. It is vital vendors know what turns buyers off, and what can cost them money when it comes to the value of their home.

At Williams of Petersfield, we are pleased to say we help buyers and vendors connect. If you are looking for support or guidance in the local housing market, we are here to help.

What do you hate to see in a home?

A study carried out by Yes Homebuyers found the things that buyers hate to see when looking at property, and which significantly lower the value of a property:

  • Subsidence can lead to a reduction in value of 20% in a property
  • Taken at the average price of property in the UK (stated as £254,624), a 20% reduction would equal a loss of £51,000.
  • Japanese Knotweed is also recognised as an issue which has a serious impact on property value, and this can reduce your home’s worth by 15%
  • At the average price of property, a homeowner suffering from Japanese Knotweed can lose £38,000 in the value of their home
  • Even poor upkeep can impact the value of property, with a bad garden or shoddy conditions leading to a reduction of 14% in value
  • This drop is equal to £36,000 when you consider the average price of property in the UK
  • Items that impact the view of your property, such as mobile phone towers, new power lines or wind turbines, you can expect an average of 13% to be wiped from your property value
  • This reduction is around £33,000 based on average property prices
  • Having a nuisance neighbour is annoying, and this can reduce the value of your property by 10%, or close to £25,500
  • Similarly, if your property has suffered water damage or is a flood risk, the value is likely to drop by 10% and see you lose around £25,000 in value
  • If there is no convenient parking at your property, you can lose 7.1% of your value, which is around £18,000
  • Even having an unlucky house number, such as 13, can reduce the value of your home by 6%, which is around £15,000

There are many things people hate to see in a house

Other issues which reduce the value of your property include:

  • Structural issues can see you lose £13,500 in value
  • Local power stations can see your property drop £12,700 in value
  • If there is damage or odours left by pets at home, your property value can drop by £10,200
  • Cluttered rooms can cause a drop of £10,200
  • Damp and mould lead to a loss of value of £2,500
  • Asbestos can lower property value by £2,500
  • Woodworm can lead to a drop in property value of £1,300

Matthew Cooper, founder and managing director of Yes Homebuyers, commented: “Many of these buyer turnoffs can be easily and cheaply fixed, a process which should be well worth the effort and money thanks to the value they will restore to your home. Some of them, however, can be very expensive indeed. Severe damp issues and subsidence, for example, could cost as much to rectify as the value they restore. Furthermore, they can take an awfully long time to fix.”

Matthew Cooper also said; “In such instances, it might be worth considering selling your home at a reduced price rather than undertake the task yourself. Of course, you might struggle to find a buyer, as a result, but in most cases, a bonafide quick buy platform should take your property off your hands. Leaving you stress-free and able to focus on your onward purchase.”

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

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.

Mature Homeowners Looking To Move

With so many moves taking place in the housing market these days, it is inevitable that people are thinking about what to do next. If you haven’t moved recently, it is likely to be on your mind, and you might be looking for a move that allows you to enjoy more space, or which better suits your current and future lifestyle.

At Williams of Petersfield, we know why people are moving, and we connect buyers and vendors.

We are pleased to say we have helped many people move home recently. Whether you are of retirement age, or it is something which is on your mind, we are here to assist you. When you are considering your options for the move that will allow you to make the most of your golden years, we are here to help you.

A lot of people are considering their next housing move

Downsizing has become a hot topic for many reasons in recent times. According to a study by a leading insurance company, 12% of people aged 50 or older in the UK plan to relocate.

Areas listed as “retirement migration hotspots” by the Office for National Statistics include:

  • Dorset
  • Shropshire
  • Wiltshire

Cities where the largest number of exits include:

  • London
  • Birmingham
  • Bristol

Why do you wish to move?

A recent study by Legal & General finds that over-50s have been influenced by the lockdown. People in this age group are now planning house moves, with the following reasons being important:

  • Wanting to live somewhere that provides a better quality of life, cited by 7% of respondents
  • A desire to live closer to family and friends was said by 4% of respondents
  • Looking to live abroad was stated by 3% of respondents

Things to consider before location:

  • The equity on your current home, and how it can be best used
  • How future proof will your new home be?
  • How will your living costs be affected by a move?
  • Will it be easy to maintain (or improve) your current lifestyle when you move?

Claire Singleton, CEO, Legal & General Home Finance, comments: “Relocating in retirement was already a well-observed trend, with older people reprioritising their needs as they enter the next stage of their life. As with many aspects of our lives, the challenges of the pandemic seem to have led many people to take stock of their current living situation. There can be many benefits to relocation, whether it is a better quality of life, more space or even the opportunity to be closer to loved ones. One thing that is clear is that many people will also see their decision informed by how their property wealth factors into their long-term financial planning.”

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.

 

Strong Sales Pipeline In Housing Market

At Williams of Petersfield, we are pleased to say we have helped many buyers and vendors in the past year. This has been a busy time for the housing market, and a lot of moves have taken place.

This is something we have seen for ourselves, and it is also something which comes up in various studies.

Rightmove highlight the number of prospective property deals

The survey was carried out by Rightmove between 1st April and 12th April 2021 and 7,803 respondents engaged the study.

Rightmove stated the following highlights of their study:

  • More than 700,000 homes are marked Sold Subject to Contract and going through the sales process, the highest number Rightmove has recorded over the past ten years and 78% higher than in May 2019
  • New research among buyers expecting to benefit from the stamp duty holiday has found only 4% would abandon their plans to buy a property if they missed either the June or September deadline in England:
      • One in four (25%) said they would try to renegotiate the price with the seller
      • 13% said they would plan to buy a cheaper home
  • 131,000 homes worth over £250,000 were marked Sold Subject to Contract in England between July last year and the end of February and are still trying to complete before the June stamp duty holiday deadline

The sales pipeline, as of mid-June 2021 in Great Britain was 704,000 sales. This is the highest figure for more than a decade. At the beginning of 2021, the sales pipeline was 613,000.

Many people are still keen to move

Rightmove spoke with people looking to move by September, with the following findings:

  • 29% of respondents said they expect to move in time to capitalise on the stamp duty holiday
  • The most commonly cited reasons for looking to move include; buying a home with a garden, moving to the coast or the countryside, to move to a bigger home or coming across the ideal property
  • 4% of the group who plan on utilising the stamp duty holiday said they would abandon their plans if they missed the relevant deadline
  • 53% of respondents said they would carry on as planned
  • 25% of respondents said they would look to renegotiate with the seller
  • 13% said they would look to buy a cheaper property

Rightmove’s Director of Property Data Tim Bannister says: “The easing of restrictions, extended stamp duty holiday, better mortgage availability for first-time buyers, race for space and relocation plans have all combined to create the biggest conveyancing logjam we’ve ever recorded over the past ten years. We really hope those who had at least four months to make it through to completion will make it in time to beat the first stamp duty deadline, but with the tapering until September many will still make some savings so all will not be lost. The pace of properties coming on and off the market is also the quickest we’ve recorded, and agents are telling me they have multiple viewings followed by a number of offers within days of a property first appearing on Rightmove. At the start of this year we had anticipated a quieter second quarter of the year, but buyer demand and the pipeline has continued at pace, making it an incredibly busy time for agents and conveyancers in many areas right now.”

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.

95 Percent Mortgage Guarantee Scheme Launched

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.”

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.

Connecting With Property Buyers This Spring

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.”

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.

Detached Properties In Demand And Rising In Price

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.”

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.

How Long Will Housing Market Frenzy Last?

It is fair to say the end of year activity for the housing market was frantic. With the stamp duty holiday deadline looming, many people were keen to buy property before the end of the year, in the hope of enjoying the significant saving on offer.

At Williams of Petersfield, we have seen this heightened demand for ourselves in the local area. We’ve also stayed in touch with what the leading property portals are saying about the market.

Rightmove tips market activity to remain high for now

Rightmove predicts a 4% average house price growth in 2021 across the UK. The leading property portals states that in December 2020, sales were 53% higher than they were in December 2019. This is the case, even though many deals taking place at the time will not conclude before the stamp duty holiday ends.

Tim Bannister is the Rightmove’s Director of Property Data, and he said; “Our 2021 forecast of a 4.0 per cent price rise is more conservative than the unsustainable 6.6 per cent national average seen this year. There’s likely to be a lull in quarter two unless the stamp duty holiday is extended, but for many buyers its removal will not be make or break, though may lead them to reduce their offers to a degree to compensate for the higher tax, and indeed many sellers may be prepared to help to mitigate their buyer’s financial loss.”

Tim Bannister continued by saying; “First-time buyers will remain largely exempt, so in most cases will be no worse off. The maximum savings of £2,450 in Wales or £2,100 in Scotland are considerably less decisive than the £15,000 available in England for a house costing £500,000 or more, which does however only apply to a small part of the market.”

In November 2020, Rightmove said there were 650,000 sales agreed and in the pipeline. In December 2020, Rightmove states that there were still 650,000 sales agreed, and in the pipeline.

While the property portal believes there were around 130,000 completed or abandoned deals in this time, there was an additional 130,000 sales added. Therefore, moving one month closer to the deadline, there was no fall in the number of sales in the pipeline.

There will likely be a slowdown in the market

Rightmove expects the second quarter of 2021 will be slower. However, there is hope that affordable mortgage rates will allow for modest price growth.

Pandemic-related uncertainties have been around for nearly a year, and Brexit uncertainties for far longer, and record activity month after month has proved that movers are willing and able to act on their new or existing housing priorities” says Rightmove.

The property portal says demand has significantly exceeded supply in 2020. The number of properties placed onto the market for the year to early December 2020 was down by 0.6% compared to the 2019 figures.

However, the number of agreed sales rose by 8.3%. This means the number of available properties for sale in the UK is at a low level, a record-breaking low level.

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.

Zoopla Insight Into Housing Market Changes

There is no denying 2020 has been a pivotal year in the housing market. The November and December lockdown period has caused many people to further re-evaluate what is important to them, but of course, the housing market has remained open at this time.

At Williams of Petersfield, we know people are looking for guidance and assistance. We work closely with local buyers and vendors, and we have a good feel for what is happening in Petersfield. We also stay in touch with what is happening across the country.

If you are looking to make an informed decision in the property market, we are here to help.

Zoopla are reaching out to buyers and vendors

Richard Donnell, the director of research and insight at Zoopla, recently answered a range of questions on the property portal site.

One topic of considerable interest was the growing gap in the housing market, and the general economy. There is a growing feeling that “we are not all in this together”, and this can be seen in the housing market activity of 2020.

With the House Price Index referring to increasing polarisation in the property market, it is natural people are keen to learn what this means, and how it is seen in 2021.

Richard said; “National measures of housing market activity, such as house prices and sales volumes, are strong. But this picture is not uniform across the UK. There is uncertainty in some parts of the housing market, with rising unemployment and stricter lending among the economic pressures taking their toll. You can see fewer sales in less wealthy markets, where people are more sensitive to economic headwinds.”

Richard also said; “At the other end of the spectrum, there’s more activity in wealthier markets where homeowners feel the recession less acutely. This is also tied to the fact that the housing market in London and the south of England has been quite weak in recent years so it’s bouncing back more than other markets.”

Will there be a long-term impact on the housing market?

When asked about the short and long-term effects of the second lockdown, Richard said; “The housing market is one of the bright parts of the economy, and the government has made sure that it remains open throughout the second lockdown. With people unable to get out and about as they normally would, the second lockdown will emphasise once again the importance of the home. People will keep re-evaluating their home and lifestyle. But despite the furlough and the mortgage payment holiday schemes both being extended, the economic pressures remain.”

Richard was asked what impact the second lockdown will have on house prices. He responded by saying; “It won’t have a significant impact on house prices because the housing market is still open for business. Headline house price growth will continue to rise towards 4% by the end of the year. However, it’s important to remember that there is significant regional variation. Everyone’s homes sit in different housing markets, and what happens to values reflects local supply and demand, as our House Price Index shows.”

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.