Tag: property

How Long Will Housing Market Frenzy Last?

Posted on by colin_williams

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.

Buyer Search Changes In 2020

Posted on by colin_williams

It is fair to say 2020 was a year like no other, and this was reflected in the housing market.

The end of the year was a strong time for the property market, but there was also a period earlier in the year when the market was placed on hold. So, there were a lot of ups and downs.

There was also a lot of fresh challenges, which changed the way people evaluate what is important to them. The lockdown periods saw many people spend a lot more time at home, and this has resulted in a shift in what prospective house buyers deem important in a property.

What matters to you in a home?

Information provided by Good Move offers insight into what buyers were looking for, and how this differs from previous years.

The searches which experienced the highest growth compared to the previous year are as follows:

  • Apartment with balcony (147%)
  • Apartment with hot tub (139%)
  • House with tennis court (127%)
  • House with swimming pool (109%)
  • House with driveway (107%)

The rise in searches for a balcony shows how important fresh air and privacy are for people!

Functional searches matter in the new normal

Other increases worth paying attention to are functional searches. There was a 106% increase in searches for a driveway, a 101% increase with respect to conservatories and there was a 77% increase in searches for a double garage.

Where were people searching for homes?

There was a lot made of people leaving London, and we have experienced an uplift in demand for homes in and around Petersfield.

The following list shows some of the most notable uplifts in property searches:

  • A 73% increase in searches for houses for sale in Buckinghamshire
  • There was a 72% rise in searches for houses for sale in Berkshire
  • West Yorkshire experienced a 69% increase in house searches
  • There was a 61% rise in searches for homes in Hertfordshire
  • Surrey experienced a 59% rise in searches for houses for sale

Nima Ghasri, Director at Good Move, comments: “Against all odds, this year has positively impacted the UK housing market and completely transformed the way buyers and sellers look at properties. More and more people are moving away from flats and apartments and into homes with outdoor space, and we’ve also seen many people looking to move away from cities into more rural areas.”

Nima Ghasri also said; “As we approach the New Year, we wanted to look back on the year in property search and reveal what potential buyers were actually looking for this year. It’s interesting to see that they have been searching for more luxurious features such as a swimming pool and tennis court, no doubt due to the increase of time spent at home and leisure facilities closing due to the pandemic. It’s also fascinating to see the areas where people are searching for properties the most, with South-East and Northern England the two hotspots. As we move into 2021, we look forward to seeing how the property market adapts to buyer’s 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.

Zoopla Insight Into Housing Market Changes

Posted on by colin_williams

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.

Reliable Broadband Becomes Even More Pressing

Posted on by colin_williams

With remote working becoming an increasingly popular factor in the housing market, we know people are expanding their property search. An area like Petersfield is likely to appeal to more buyers now, as there is a greater sense of freedom.

Of course, just because people have greater freedom to live further from their place of work doesn’t mean they have freedom from work. There is a need to have a suitable home office set-up, and this means broadband dependability is essential.

If you plan on selling your home, you must ensure your broadband is dependable, as it is a vital factor for buyers in the modern era.

Reduce internet speeds cause problems

A study by comparethemarket.com finds 36% of homes have reported reduced internet speeds. This comes at a time when 74% of households are using the internet more. If this extrapolated across the country, close to 10 million households will have suffered in this manner.

The study indicates more than one in ten respondents’ class their internet connection as “bad”. However, 84% of respondents haven’t yet switched or even considered changing broadband supplier.

80% of people struggling with their broadband say their work is negatively affected by these issues. 23% say they have been unable to work at these times.

Some of the most pressing concerns for users occur when:

  • Multiple users are online at the same time
  • When they have to use video calls
  • When they stream
  • When their service drops out regularly

Holly Niblett is the head of digital at comparethemarket.com, and she said: “The millions of people who rely on their broadband at home for a wide range of reasons – work, paying bills and keeping in contact with friends and family – know first-hand how frustrating and inconvenient a poor internet connection can be. We know from our own research that the COVID-19 lockdown has seen almost three-quarters (74%) of households increase their internet usage, yet many are stuck on inadequate and expensive packages that don’t meet their requirements.”

While there is frustration at broadband problems, only 16% of internet using households in the UK have switched or are considering switching.

There are many reasons to switch service

Of the people who have switched, the following responses have been found:

  • 48% switched for a faster and more reliable service
  • 44% of these movers have chosen to pay the same or less for a better service
  • 38% of people switching did so to ensure their broadband and TV package come from the same provider

Holly Niblett added: “In shopping around for a better deal, customers have access to a range of fast and affordable broadband packages that can cost less than their existing deal. When comparing broadband packages, customers should be mindful that many providers bundle broadband with TV packages, which can work out cheaper than purchasing the two separately.”

 

 

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 Help Turn Tenants Into Buyers?

Posted on by colin_williams

The stamp duty holiday scheme has been of significant help to many people in the housing market, but not first-time buyers. Many FTBs have felt overlooked in the property market, but at their recent party conference, the Conservative Party have claimed they will usher in new assistance for first-time buyers.

Boris Johnson announced plans for a new scheme to help people arrange long-term fixed rate mortgages for up to 95% of their home’s value.

What help might be on offer?

Zoopla have classed the key points from the Prime Minister’s speech at the Conservative Party Conference as:

  • The Prime Minister has promised to increase the availability of mortgages for buyers with small deposits
  • The government believes it will enable an additional two million people to buy a property
  • Johnson said it would represent the biggest expansion of homeownership since the 1980s

Mark Hayward, Chief Executive of NAEA Propertymark, comments: “We welcome the Prime Minister’s comments today which shows a positive change in tone by promoting a generation of renters to become a generation of buyers. We encourage lenders to come on board and support this initiative to enable first time buyers to enter the property market by future proofing the financial burden many face. We want to see intent become action quickly so that first time buyers can make the most of the current stamp duty holiday and continue to stimulate the housing market.”

Industry experts have their say

Craig McKinlay, New Business Director at Kensington Mortgages, comments: “The ‘Generation Buy’ scheme will be, in effect, a replacement for Help to Buy. Only a few lenders are dipping in and out of the high LTV market at present with ‘flash sales’ due to sheer demand – so this should reassure some lenders to enter more permanently and support first-time buyers.”

Craig also said; “However, for others, the scheme could lead to further capacity issues for those being selective with their offering to manage demand. On the whole though, like the introduction of Help to Buy in 2013 helped boost confidence and ease lenders back into the small deposit market, we hope this scheme will do the same.”

James Forrester, Managing Director of Barrows and Forrester, comments: “Today’s (6th October) announcement will no doubt excite a nation of aspirational homebuyers who have already been sent into a frenzy over the prospect of paying no stamp duty. However, for Boris Johnson to claim this will help fix our broken housing market is not only laughable but quite frankly an insult to those who find themselves priced out of homeownership. The cause of the dire situation we find ourselves in is the Government’s sustained failure to build enough affordable housing year in, year out.”

James also said; “The inadequate supply of housing to meet demand is one of the driving factors that has caused house prices to spiral and to continue to mask this failure by further fuelling demand is irresponsible. Instead, their time would be better spent reallocating wrongly classified green belt land so it can be utilised for housing and preventing the big housebuilders from drip-feeding housing supply in order to keep their profits up.”

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.

 

Moving Home Quickly And Safely

Posted on by colin_williams

The stamp duty holiday has encouraged many people to enter the housing market. There is significant demand for homes. Also, with the stamp duty holiday in place, many people are looking to move sooner rather than later.

At Williams of Petersfield, we are here to assist you. We want to ensure you make an informed decision, and that you receive the best standard of support you need from start to end of the sales process. If we can be of any help, please get in touch.

There is growing buyer demand for property

GetAgent, which monitors homebuyer demand across the UK on a quarterly basis based on market data from the major property portals, indicated there was an 8.5% rise in buyer demand in the third quarter of this year compared with the second-quarter.

Colby Short, founder of CEO of GetAgent, said: “The meteoric uplift in UK homebuyer demand in the third quarter of this year demonstrates a market that has well and truly bounced back from pandemic paralysis. More affordable areas were the strongest performing in terms of buyer demand in Q3, with plenty of room for further growth in some parts of the country.”

Colby continued: “It’s fair to say that the current stamp duty holiday in its various forms across England, Wales and Scotland has played a huge part in this revival and should continue to do so over the final quarter of 2020 at the very least. This is great news for home sellers who may have seen the value of their property plateau or even fall during the prolonged period of Brexit uncertainty that plagued the market over the last few years. With buyer demand now seeing a healthy increase, sold prices are likely to follow suit.”

Follow these tips to move home safely

The specialists at Space Station, who offer self-storage solutions and who are highly experienced in the removal sector, have shared leading tips that will help you move:

  1. Get help from the experts
  2. Plan your move well in advance
  3. Clean your items before the moving process
  4. Stay alert and continue to follow COVID-19 guidelines
  5. Use materials from around the home to lower costs and speed up the process
  6. Ensure all removal boxes are secure before you move
  7. Try to avoid using plastic bags and bin liners as best you can
  8. If you can, use vacuum storage bags
  9. If you are moving precious items, a wheeled suitcase is a great solution
  10. Protect the corners of your important items

Vlatka Lake is a Marketing Manager at Space Station, and she said; “Preparation and planning are the most important things movers can do when packing up their belongings ready for a move and this has become even more prominent with the tightening restrictions around the country, which can be a great source of stress and anxiety.”

Vlatka also said; “By planning ahead, you can make sure that this process remains exciting, as well as maintaining the safety of yourself and everyone involved. These simple tips can help you transition from one house to another with minimal stress and costs, whilst also making sure you are adhering to the protocols in place due to the pandemic.”

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.

 

Connect With Buyers And Sell Your Home

Posted on by colin_williams

At Williams of Petersfield, we know the clock is ticking with respect to the stamp duty holiday. If you are looking for guidance and assistance in making the right move, get in touch, and we will be more than happy to help you.

There is increased buyer demand for homes, and if you are thinking about selling your home, now is the ideal time to make your move.

Tim Bannister, Rightmove’s director of Property Data, said: “Increased competition for second-stepper homes has pushed prices to a record this month for those looking to take the next step up the ladder. Needing more space has always been the most popular reason for moving house, but now there’s a new urgency for extra space to be able to work from home, which means that there are different sets of buyers competing for the same type of property.”

Tim continued by saying; “At the start of the year a fourth bedroom was very much a luxury for buyers trading up, but it’s now emerging as a must-have for those who are able to take that step. With overall asking prices just a few hundred pounds shy of July’s record, and buyer demand at an all-time high, those currently looking for their next home are likely to find that only offers close to the asking price will be considered, especially for larger homes.”

Do you know what buyers are looking for?

If you want to connect with willing buyers, you need to give them what they are looking for. If you aren’t sure what buyers look at during the viewing process, help is at hand.

An innovative study carried out by comparethemarket.com offers insight into what prospective buyers look at, and test, when viewing a prospective property. These might not be the factors which make or break a buyer’s resolve to make an offer, but if problems arise, a buyer might not be inclined to follow up their initial interest in the property.

Some of the most commonly considered points include:

  • The quality and condition of radiators
  • Access to a garden space
  • The level of water pressure
  • Cupboard doors
  • The comfort of beds
  • How well the oven works
  • How light switches work
  • The accessories which add a touch of personality to the property

Mark Gordon, head of mortgages at comparethemarket.com, said: “UK house prices are currently on the up and with the stamp duty holiday prompting more buyers to get on the property market, it’s a competitive time for homeowners looking to sell their home. We conducted this experiment to determine the areas of the home buyers look at most to help sellers maximise their chances of a sale. Some sellers may not have considered these factors when preparing their homes for viewings, so we hope our insight will help them focus on the areas they should check and freshen up.”

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.

 

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.

 

Prepare Yourself For Cost Of Moving House

Posted on by colin_williams

The stamp duty holiday has encouraged many people to enter the housing market. If you are looking to make a move, we are here to assist you.

At Williams of Petersfield, we are more than happy to provide you with a property valuation. This allows you to enter the market with confidence. It also provides you with more confidence in making your next housing move.

Moving home is an expensive exercise. Agency fees, legal fees and stamp duty all play their part in ramping up the cost of relocating.

We help you prepare for your next move

Research carried out by MoneySuperMarket suggests the average household spends close to £700 in hidden fees when they move home. With the same source finding 19% of British people move a minimum of nine times in their life; the potential lifetime expenditure on hidden fees is over £6,000.

The same study also found 63% of people were unaware that moving home regularly can have a negative impact on their credit score. -impact-

According to the study, the most expensive city for hidden costs when moving was Coventry, with fees of £841. The most affordable city for hidden fees when moving home was Gloucester, with unexpected fees of £360.

What matters to you when moving?

The top six most common additional fees for British home movers are:

  • Bedding and kitchen utensils, cited by 53% of respondents
  • New furniture, also cited by 53% of respondents
  • The cost of having mail re-directed, listed by 39% of respondents
  • The cost of having Wi-Fi installed, said by 36% of respondents
  • Having to change bill providers, named by 34% of respondents
  • 24% of respondents listed the cost of removal services

The study also uncovered the three most common reasons for moving:

  1. 31% of respondents saying they want to own their own place
  2. 29% cited moving in with a partner
  3. 28% saying moving to a larger home

Kate Devine is the Home Insurance spokesperson at MoneySuperMarket, and she said; “With the housing market boosted by the Chancellor’s stamp duty holiday, many of us are considering moving home. Whether you’re buying or renting, make sure you’ve factored in all the potential costs you expect to incur.”

Kate continued by saying; “If you’re buying a home, our research shows that it’s not just stamp duty, legal and estate agency fees that should be on your checklist, but also things like cleaning, new household products, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely.”

Kate Devine concluded by saying; “To protect you in case things go wrong when you move, we would recommend you have contents insurance before transporting your items to their new home – most policies will provide cover for your belongings against damage or loss while they’re in transit from one property to the next. But make sure you use a professional removals firm – many of which have their own insurance – to guarantee you benefit from this protection.”

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.

Manage Stress When Selling Your Home

Posted on by colin_williams

The stamp duty holiday has encouraged many buyers and vendors to be active in the market. The chance to save a considerable sum of money is enticing for many people, but it should be noted that moving home is a stressful and costly activity.

At Williams of Petersfield, we do everything we can to minimise the stress associated with moving house. We are pleased to say we have helped many local vendors in Petersfield make their next move.

Many buyers and vendors find moving stressful

A survey undertaken by Zoopla, which was answered by more than 2,600 buyers, suggests many buyers find the property purchase an emotional and stressful activity.

62% of respondents said they found previous property moves more stressful than they had expected.

One of the biggest challenges in moving home is the property chain. 18% of respondents said they lost or came close to losing their property purchase because of issues with the chain. Only 11% of respondents said the buying process, when involved with a chain, ran smoothly.

34% of respondents aimed to develop a personal connection with the buyers. This step was taken to enhance the chances of the move running smoothly.

Financial issues are problematic in property deals

Close to 40% of respondents said their most recent property move cost more than they had originally budgeted for. 29% of respondents cited additional costs which caused them difficulties during the move. Some of the additional costs listed were conveyancers and surveyors.

44% of respondents said unexpected costs added more than £500 to the cost of their house move. 30% of respondents said they paid more than an extra £1,000 when moving and 15% of house movers said they had to shell out over £1,500.

Staging your home is important

When it comes to vendors regret, 53% of homeowners said they believed they’d have sold their home for a higher price if they staged their home. However, 31% of respondents said they didn’t have the budget to afford to improve their home at this time.

The importance of staging property was reiterated by 84% of respondents who said this activity is worthwhile.

Decluttering your home is also vital, with 52% of respondents wishing they did more in preparation for their move. 28% of respondents said they were too nostalgic when getting ready to sell their home. 20% of respondents said the process took far too long, which is an indicator many vendors underestimate the level of work associated with moving home.

Tom Parker is the Consumer Spokesperson at Zoopla and he said; “Moving home is one of the biggest investments we will ever make so it’s only natural the process inspires a wide range of emotions. Finding that balance between head and heart can often be the most difficult, and this is where agents have a crucial role to play in supporting home movers in their property journey. Agents will have experienced this process hundreds of times so can help not only with finding the right property but also making the purchasing or selling experience as seamless as possible.”

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 Is Driving Property Demand?

Posted on by colin_williams

If you are looking at the property market and wondering why there is so much activity and demand for homes, we are here to help you. While the UK is in a recession, there is a significant level of demand from buyers, and there is a greater number of vendors entering the marketplace.

At Williams of Petersfield, we are pleased to say we can help you understand the housing market. We have a considerable level of knowledge and expertise in the local area, and we work closely to ensure all our clients understand, and benefit, from what is happening in the national property market.

The housing market is currently buoyant

There has been considerable activity in the housing market since it re-opened. Some experts believe this is a temporary measure, but it has lasted until September, and there is no sign of slowdown.

The stamp duty holiday has changed the market

The stamp duty holiday, in place until 31st March 2021, provides buyers with the chance to save up to £15,000. This is a significant saving for many buyers.

Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”

We know that many people have questions about the market, and how they should progress next. If you are looking to sell your home, we can arrange a property valuation for you. We believe a property valuation is the ideal starting point for anyone looking to sell their home, and we are here to assist you connect with buyers, and make an informed decision.

Miles Shipside also said; “Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”

Some people wish to move before a second wave of the pandemic

There are fears about another wave and associated lockdown. If this was to happen, many people would prefer to be settled in their new home by this point. Therefore, a lot of people are looking to move home soon.

Jacqui Harley is the Head of Conveyancing at JMP Solicitors, and he said; “Whether you’re looking to get on the property ladder, move home, buy another property or add to your portfolio, now is a good time to get moving in the current climate as the housing market is particularly buoyant. We have compiled a list of top reasons to move now, to outline what is available in the current climate for those who act swiftly to make the most of this window of opportunity.”

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.