Property Market Trends - Summer 2021
After the entire nation went into lockdown last year who would have thought that 2021 would go on to be one of the busiest ever periods in history for the property market?
With life returning to some level of normality now and the economy predicted to bounce back at a faster rate than first thought, it's all looking very positive for this summer's property market.
House Price Growth
Having been forced to close down completely a year ago the property market has since seen house prices grow across the UK to the strongest level for over 13 years.
Across the country the length of time to find a buyer has dropped to an incredible 45 days, the quickest ever, and with demand continuing to outpace supply the latest data shows that there is 30% less availability than during 2007-2019. According to the latest figures from the Nationwide house price index, the average house price increased by 13% in the year to June reaching a high of £245,432.
With businesses formally confirming flexible home working for many employees on a long term basis demand for homes with extra space continues to be a major driving force, while first time buyers and upsizers have all taken the chance to capitalise on the recent stamp duty holiday.
From mortgage lenders and moving companies to estate agents,solicitors and surveyors, everyone in the housing market has undergone such a manic 12 months, especially with deadlines to meet in order for everyone to qualify for the cut in stamp duty. It's made such a difference to people's budgets and moves at a time when many of us have re-evaluated our lives and had time to really think about where and how we live.
The first part of the stamp duty holiday ended on the 30th June and we're now in the second phase which means that until the end of September 2021 the different thresholds have changed. The good news is that anyone purchasing a property up to a value of £250,000 will still be exempt from paying any stamp duty, unless of course they're buying it as an additional(second) home or are an oversees buyer where-upon they'll be liable to pay 3%. This transitional period will see a change in the percentages paid across all property purchases, as shown in the table below:
Property Value SDLT Rate
Up to £250,000 0%
From £250,001 to£925,000 5%
From £925,001 to £1.5m 10%
Above £1.5m 12%
For example if you buy a house or a flat for £275,000 during this period you'll pay 0% on the first £250,000 and then 5% on the remaining amount of £25,000.
As things stand at the time of writing, from 1st October things will revert to pre-lockdown rates with anyone buying a property over £125,000 needing to factor in paying stamp duty.
Supply and Demand
Whether you're looking to buy or rent a property the demand from people looking to move is still incredibly strong. The supply of properties coming onto the market for sale is being held back due to potential sellers being concerned that they themselves won't be able to find a new home.This inevitably brings about a Catch-22 scenario.
Our advice is to have confidence. If it's the right time for you to move then take the plunge and do it. If you're not on the market when you find a potential dream home on the portals the chances are that you'll lose out to someone who is as they'll be seen to be a better proposition and in a position to move more quickly.
Being a Landlord
The re-evaluation of lifestyle continues to affect the rental market as well, with a huge amount of people looking to rent properties with work from home space and/or a garden or patio.
Excluding London, the average monthly rental for a new tenancy in the UK has increased by over 6% with average rents now nearly 3% higher in the year to April.
From 2 bedroom flats to 4 bedroom houses, locally we're seeing levels of demand continue to stay strong right across the market with tenants offering over the asking rental price and snapping up properties as soon as they become available.
It's good to see that lenders have been cutting rates over the past few weeks. There are some really good deals out there particularly if you choose to fix the rate for a longer term giving you certainty of your future budget.
It is getting easier for the self-employed and those on furlough to have mortgages agreed but as always it does still depend on the property. Mortgages for flats above commercial premises are difficult to find,but again it does eventually come down to the individual person and the particular property.
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 financial advisor Stuart Gulvin has access to every available deal 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.
Very good service and communication. Paula was excellent.
Mr & Mrs Scarboro 1 Pevensey Road
Excellent service from the Lewes Road branch. Martin Timms secured a quick sale & at a good price & Paula Carter worked really hard to secure...
Ms Schulte Bear Road
The team worked very hard over a long period to ensure my sale went through - excellent service!
Mr Patrick Gladstone Terrace
Paul Wilkinson was extremely helpful and efficient. The only problem was the vendors solicitor and Paul warned me of this. A good transaction all r...
Mr Lavender Fiveways
Excellent customer service throughout. I will definitely recommend you, and use you again. Thank you.
Ms Longley Kingsbury Street
Sharon was excellent, she kept us informed at all stages and was a really calming objective influence in the process.
Ms Frederick Channel View Road
The whole team were very committed from start to finish.
Mr Pilgrim Lewes Road
Brilliant. Well done to Sharon and the Woodingdean team.
Ms Curtis The Ridgway
I would recommend Maslen to anyone.
Mrs Tripp Woodingdean
We were delighted with the service received from all the staff with whom we had contact,
Dr Crichton The Ridgway
Paula was absolutely amazing!
Mr & Mrs MacKay Lewes Road
Very impressed with all dealings with Maslen. Paula Carter was in particular very knowledgeable and helpful.
Mr McBlane Hove
In February 2016 I was looking to buy and sell very rapidly. Competition among buyers at the time was very high. Sharon @ the Woodingdean branch sh...
Ms Helen Lyons Woodingdean
Thank you Paul and Archie, you gave an excellent service, as well as Kelly. I look forward to working with you again.
Mr White Fiveways
Best Estate Agents ever experienced - professional, approachable, competent and exemplary.
Mr & Mrs Guest Riley Road
Very helpful and patient team.
Mrs Shea Selborne Place
A completely painless experience from start to finish. Thank you.
Mr Woolven & Mrs Bessant-Woolven Lewes Road
A very positive experience - I had most contact with the Fiveways office and they were so friendly and helpful.
Ms A King Balfour Road
Sharon was excellent - kept us well informed, thank you so much!
Ms Waters Cowley Drive
Nick and Paula are total stars! They were incredibly supportive and present throughout. Thank you!
Miss O'Haire Hove
Very pleased with the experience. I would definitely recommend you and use you again.
Ms D Edmonds Horton Road
A very committed team who made the sale process very easy.
Ms Rees Ticehurst Road
Thank you for everything!
Ms Tucker Willow Close
Paula was fabulous and we felt really informed and supported.
Mr & Mrs Walker Lewes Road
Very thorough & very informative.
Mr Michnowicz Waldegrave Road
Extremely efficient. Nick and Paula are excellent. The weekly phone calls were much appreciated.
Ms Gray Lewes Road
You were amazingly helpful throughout - a real pillar of strength with a very difficult sale.
Mrs Parkin Fiveways
Very professional service. Thank you!
Miss New & Mr Jackson Buller Road
Ben and Paula were calm and reassuring throughout a very difficult process!
Ms Easterbrook Bear Road
All very professional, kept updated throughout. Very pleased - Would recommend.
Mrs Hammond Hove
Outstanding service from Sharon. James is an asset to Maslens & Harvey was so helpful and polite.
Ms Cianchetta Selhurst Road
Very happy with the service we got from you guys, everyone we dealt with was extremely friendly, professional and helpful. Thanks!
Mr Brown Titian Road
Good team. Straightforward. No nonsense.
Mr Standing Newmarket Road
I have bought and sold 7 properties, and this was the best experience of an estate agents services I have found.
Mrs Shepherd Hertford Road
Exceptional service throughout the process - should we decide to sell in the future we wouldn't hesitate to use your agency. You're a cut above the...
Ms Windels & Mr Barham Fiveways
Paula's role was brilliant. Having someone office based and available was so appreciated and her promptness an impressive service - every Estate Agent...
Ms Wynn-Jones Baxter Street
Service exceeded my expectations overall at all stages of the process - I wouldn't hesitate to recommend you. Thanks.
Ms Greene Lewes Road
Many thanks to Nick. It was an easy process thanks to you! I'm extremely satisfied with how the sale went, great job.
Ms Mayanobe Aymer Road
The staff were very helpful, an excellent service. I would recommend you to others.
Miss Hockly Fiveways
Very pleased with the service. Many thanks to Sharon and the boys!
Mr Flynn Woodingdean
Quality advice about when and how to sell, which was spot on. Thank you.
Miss Coleman Buller Road
Paula is amazing!
Ms Aspnall Gladstone Place
Very impressive - professional and friendly, both Martin Timms and Paula Carter were excellent at keeping in contact with sensible advice based on...
Mrs O'Connor Hove
I was new to the area and viewed a lot of properties with a lot of different agents. Maslens were by far the best I came in contact with, so when i...
Mr & Mrs Heer Lewes Road
First class service. Friendly and professional.
Mr Thorne The Avenue
We were very impressed with the Nick from start to finish.
Mr & Mrs Smith Lewes Road
Very comprehensive and professional. Nice people to work with and highly recommended.
Mr Alderton Ladysmith Road
Thanks for an excellent service.
Mr King Hove
Hugely impressed with Ben & his team.
Mrs Mead Upper Lewes Road
We were very pleased with services provided by the Fiveways office.
Mr & Mrs Sawyer Shaftesbury Road
Sold within 2 weeks for asking price "excellent!"
Mr Grundy Bishops Road
Compared to your rivals, your service was excellent
Ms McGrigor Milner Road
The Woodingdean team were very friendly and approachable.
Mrs Palmer Pitt Gardens
Excellent service as always
Mr Field Ringmer Road
It was an amazing experience, everyone involved were fantastic.
Mr & Mrs Knight Woodingdean
Thank you. We found all the staff knowledgeable and really pleasant to deal with.
Ms Ansloos Lewes Road
As always, an excellent service.
Mr & Mrs Field Lewes Road
Excellent communication and advice throughout. It felt very reassuring to be in good hands.
Mrs Brooker Buller Road
A really good experience.
Mr Tibble Lewes Road
An efficient, professional and friendly service. Helpful and a pleasure to do business with.
Mr Beddington Brading Road
Sharon was amazing! She kept us up to date the whole way through the process. We cannot fault Sharon or the rest of her team.
Mr & Mrs Ashley Woodingdean
The whole team were excellent, each one of them felt like family. Sharon had a lot of sorting to do at times but coped very well, a true profession...
Mr Vernon Woodingdean
I found the service to be courteous, friendly and efficient.
Mr Upton Buller Road
Thanks David, all very professional.
Mrs Flowers Foxdown Road
Already recommended you! Thank you.
Mr Edwards The Ridgway
All the staff I dealt with were excellent. Sharon worked really hard to complete the sale.
Mrs Bent Falmer Gardens
Ben was particularly enthusiastic and helpful. Martin, Paula, Sam and Will are all hard workers.
Ms Goodey Franklin Road
Paul was absolutely brilliant.
Mrs Tasker Fiveways
Superb service as usual, I would always recommend you.
Ms S Hike Blackthorn Close
Very pleased with the excellent service throughout. Professional, friendly, efficient and no hard sell. Achieved above asking price. Thank you!
Mr Witten Lewes Road
First class service from a first class team.
Mr & Mrs English The Ridgway
It was a long, drawn out process that the people at Maslen helped me through, without the impression that it was a chore. So extremely professional...
Mr McLagan Lewes Road
Please thank Paula at Lewes Road - Excellent service.
Mr & Mrs Nuthall Lewes Road
Maslens as a whole were really friendly and professional. I have to thank and congratulate Paula Carter for being superb at her job and exceeding m...
Ms Warren Hove
The sale was dealt with swiftly, professionally and successfully. Thank you Maslen!
Mrs Lincoln Hove
Graham Griffin provided us, and continues to provide us, will all-round excellent advice. We trust his knowledge and expertise.
Mr Blackmore & Ms O'Sullivan Financial Services
Cannot express our appreciation enough of all the efforts made by the Woodingdean team - they were fantastic.
Mr John Mogridge Woodingdean
Very impressed with the efficient and friendly service, the staff were a pleasure to deal with.
Mr & Mrs Gill Lewes Road
Fantastic service. By far the best agents we have ever used, I cannot recommend you highly enough.
Mr Field Mafeking Road
A good team at Woodingdean helped us through a stressful time.
Mr & Mrs Penton Sycamore Close
I wish we had used you to sell our property! Nice to meet honest people, who are genuinely interested in helping. Very pleased.
Mrs Porter Taunton Road
Very impressed with the service. Sharon Wareham works tirelessly, very professionally and is always there for advice.
Miss Matthews Kipling Avenue
Our local office manager, Sharon Wareham was warm and friendly and kept us up to date at all times.
Mr Hope The Brow
Excellent Service from start to finish.
Mr T Mole Cromwell Road
Best Agents in Brighton.
Mrs Field Tarner Road
Sharon, Harvey and James were all excellent - very professional. Totally opposite to what I have experienced with other agents. Maslen have restore...
Ms Lyons Woodingdean
Great service, always polite and friendly. Excellent contact and info all the way.
Mr Wells Bishops Road
We cannot recommend Maslen's estate agents enough.
Many thanks to Paul, Donna, Janette and the...
Linda & Les Wigmore Close
Harvey was helpful and easily reachable at the beginning of the process and Sharon kept us informed and was always happy to help.
Ms Murch & Ms Mapa Ticehurst Road
All agents at Maslen were extremely helpful and polite from the beginning to the completion of sale.
Mr Johnson Fiveways
Very, very happy we chose you, felt right from the start! Thank you!
Miss Blackadder Coniston Court, Holland Road
From start to finish the sale was dealt with in a thoroughly professional manner.
Mr Gibbs Lewes Road
Sharon and her team could not have done more in what was a difficult sale.
Ms Daly Woodingdean
Thank you Maslens, you were all excellent!
Miss Jasper Taunton Road