Search
19th October 2021
Property Market Trends - Autumn 2021
With Halloween and Bonfire Night just weeks away and the temperature dropping, it's easy to think that the property market slows down over the autumn and winter months. However, the latest report from the UK's biggest building society, Nationwide shows that annual house price growth of 10% or more has been consistent over the past five months. In fact, the statistics show that house prices were around 13% higher in September than before the pandemic began last year.
Reports from one of the major online property portals show
the demand for available properties at +35% higher in September than average
recorded levels, so even though the Stamp Duty holiday has now come to an end
the property market shows little sign of slowing down to pre-pandemic levels
just yet.
The Lasting Effects
of the Stamp Duty Holiday
With a value of more than £22,000 being added to the cost of
the average UK home in the past year, the market has of course been effected by
changing attitudes and requirements for many buyers, partly due to working from
home and rethinking aspects of day to day life such as commuting and having a
garden.
One of the major factors in driving the pace of the market
has of course been the Stamp Duty holiday which has now come to its tapered end.
It may have divided opinion amongst economists but there's no denying that it
has massively helped people to move home and hugely impacted the ability of
first time buyers to get on the property ladder.
Looking at the wider economy, the knock-on effect of the
Stamp Duty holiday has been highly beneficial to non-homebuyers too. From
builders, plumbers, electricians and hardware stores, to surveyors, solicitors
and removal firms, there are a fantastic amount of local firms that have all
enjoyed a surge in business and enjoyed the positive effects of both the Stamp
Duty holiday and the seemingly long lasting property market boom.
The
imbalance of supply and demand for available properties has inevitably pushed
up property prices. An increase in your home's value is always good news for
those looking to sell, and rather than pricing potential buyers out of the
equation the incredibly low interest rates have meant that many have taken
advantage of favourable mortgage deals and added extra costs to a 25year deal
instead.
Looking Forward...
It's good to see that home ownership was championed by the
Prime Minister at the recent Tory party conference, and we'll wait to see what
the upcoming Budget has in store. In the meantime, there is still a tremendous
appetite from buyers wanting to make their move. Demand for homes offering a
quality of life and well-being as well as versatile space to work from home
shows little sign of slowing down and the national average timeframe between a
property coming onto the market and an offer being accepted is now under
30days!
The limited supply of properties coming onto the market continues to play its part in this with many homeowners not wanting to commit to selling as they themselves can't find anywhere that they'd like buy.
So what's our advice?
If you're hoping to upsize or downsize and you're home isn't
on the market yet, you could find yourself missing out on your dream home. It's
understandable that with a lack of available properties for sale at the moment
you might not want to take the next step until you've found somewhere to buy.
However, just like you, other sellers will always favour potential buyers who
have already sold their own home or have cash in the bank. Being 'proceedale'
and in a position to move quickly is generally seen as more attractive to
sellers than making the highest offer.
So if you've reached that time in your life that's right for
you to start the next chapter of your life then go for it!
A Great Time to be a
Landlord
The desire to move continues to be just as strong in the
Lettings sector with tenants looking to rent properties with work from home
space and/or a garden or patio.
The good news for tenants is that there are now more
available properties to choose from than during the spring and summer months.
Our Lettings department is as busy as ever, with levels of
demand staying strong right across the market. Landlords should perhaps take
note that as well as outdoor and home office space more and more prospective
tenants are looking for eco-friendly energy efficient homes. Latest estimates
suggest that more than 65% of people in the country consider environmental
issues just as important (or even more so) than health. From having LED bulbs
and low-flow showers, to Smart thermostats and recycling facilities, there are
quick and easy ways to update you properties. If you'd like advice on Letting
your property our team is always on hand to help. Contact Georgina Tunbridge
our Senior Lettings Consultant today on 01273 321 000 or click here
to email her directly.
If you'd like confidential help and advice in securing a
mortgage, whether that's as a first time buyer or simply moving to a new deal,
our independent Mortgage Advisor Stuart Gulvin has access to a comprehensive
range of mortgage deals and is FEE-FREE. Contact him today on 01273 647 390
or email him at [email protected] *
For help in buying, selling, renting or letting our local branches would love to hear from you.
* Maslen Financial Services Limited trading as Maslen Financial Services is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on your mortgage