What’s Happening in the UK Property Market February 2021
And so, February has come and gone, and what a busy month we have had at James Gorey Estate Agents.
Hot News: Stamp Duty Holiday To Be Extended
The Stamp Duty holiday has caused a huge increase in people wanting to move in the South East London and North Kent area before the deadline on 31st March. Unfortunately, conveyancing back-logs and delays in land searches have led to the probability of some buyers missing out.
However, as part of his budget plans, Rishi Sunak is now poised to move the deadline from 31st March to the end of June to avoid people scrambling to complete their transactions by the end of March.
This is good news for the property industry as it will help keep the market buoyant, but it remains to be seen whether this is simply just delaying the inevitable.
For now though, it looks like South East London and North Kent buyers will have some further relief.
Lockdown Demand Still Evident
This series of lockdowns over the past year has certainly made home movers think more about where they want to live and what type of property they want to live in.
We’re seeing demand for bigger gardens, and for houses with extra bedrooms, studies or garden offices in particular.
Conversely, other home movers are thinking about whether they actually need the space they have currently and whether they could downsize. This all makes for a buoyant market which has certainly seen some big changes over the past year!
Market Attraction for Landlords
According to reports in the Buy Association, the Stamp Duty holiday, combined with relatively low interest rates has seen more and more investors look to the buy-to-let sector.
The research particularly highlights the fact that it is the small companies and the first-time landlords that are being attracted to the opportunities.
If you are interested in investing, we have suitable properties waiting!
Positive News for First Timers
Moneyfacts reports that “the number of mortgage deals available to those with a 10% deposit increased by 117 during the first six weeks of 2021”.
The website, which is very useful if you are interested in finance and money-related matters, says that this is very positive news for first-time buyers. The report goes on to say that the “number of lenders offering mortgages to those with a 10% deposit – at a 90% loan-to-value (LTV) – has also increased from 32 to 47 during this same period”.
With more mortgage deals available, now could be a great time to step onto the property ladder for first time buyers.
House Prices Cooling?
According to the Halifax bank, house prices fell slightly in January, so does this mean there are early signs that the property market is cooling?
Russell Galley, Managing Director, Halifax, said: “The average UK house price slipped by -0.3% in January, the biggest monthly fall since April last year. Whilst this pushed the typical property value down to its lowest level since October, at just under £252,000, prices are around £13,000 higher than a year ago.”
At James Gorey Estate Agents we are finding that properties are not remaining on the market for long and are selling for close to asking price. There are fluctuations in the market of course, but we’re pretty confident you can achieve the price you want!
Rental Enquiries On The Up
Research from Paragon Bank shows that residential landlords reported increased levels of enquiries last year.
According to Property Reporter, Paragon’s research showed that “tenant demand reached a five-year high during last year – the highest level since the first quarter of 2016 – as almost a third of landlords reported rising levels of enquiries for rental accommodation”.
This is good news for landlords, and for those thinking about becoming a landlord. Get in touch and we’ll give you some pointers to the type of properties that are good to let out – and with good yields too!
If you want to know our thoughts more specifically on the personalise with=”location”] area or you are looking to buy or sell a home, then please get in touch. We love to help – it’s what we do best.
Call us on 020 3633 9866 or email us at firstname.lastname@example.org.