WHAT’S HAPPENING IN THE GENERAL UK HOUSING MARKET - post 'Lockdown' - AUG 2020
Buyers across the country are rethinking their housing needs as demand for property continues to rise. We normally see a slight slowdown at this time of year as people go on their summer holidays; to date, this is not the case.
Following the temporary market suspension from March– June, which are usually the busiest months for Equus – there’s been a huge amount of activity as people resume their plans and new home-movers enter the market.
Extra demand caused by the fact that lockdown has changed many people’s housing priorities, means a lot of home-movers are opting to relocate to the countryside. Here at Equus we’ve already called it the “rural renaissance”. All our West country properties have either sold, are under offer or have offers on them awaiting a completed chain. Our South East portfolio has received an unprecedented flurry of activity with renewed interest and offers; many buyers are wanting to take advantage of the stamp duty holiday, we’ve seen the highest number of properties coming to market in any three-month period since the financial crash is 2008.
This all means that there are more properties for buyers to buy and more buyers for sellers to sell to. In fact, July was the busiest month for UK home-movers for ten years (Right Move statistic). However, total available stock is down 8% compared to this time last year, so there is still more demand than there are properties available (Right Move statistic).
What EQUUS say ABOUT TODAYS HOUSING MARKET – REFLECTED BY GENERAL MARKET COMMENT & OPINION
These are unique times for the UK housing market.
“There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity.
Rather than just a release of existing pent up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown and previous political uncertainty over the last three years with assorted national political elections et cetera. The unexpected mini-boom, which we hope will go on for longer, will enable mobility which is key for the future economy and employment. We associate this time of year with holidays, and family gatherings on balmy evenings and weekend summer festivals rather than the property market.
(click on the above red title for more advice)
Price your property correctly from day one. Over pricing leads to a loss in time and a stale property. Make sure the agent is the right agent for your property - not all agents are what they seem.
Ensure that the agent you choose advertises on ALL the major web portals.
Make sure the buyer is qualified (where their funds are, the chain and what is their deposit against the loan, and is their mortgage approved in principle).
Plan ahead by getting your home ready for survey, central heating boiler serviced, private drainage serviced / emptied, an electrical certificate for your mains circuit board – All of the aforementioned are requirements of your sale. So, don’t leave things to the last minute, especially with a March deadline for the current Stamp Duty holiday.
“Not only are we seeing an unusually busy summer period, but also parts of the lending and legal sectors are having to cope with capacity constraints, as some staff will still be on furlough while many will still be working from home.
Some lenders are limiting their product ranges due to capacity constraints in their ability to process mortgages. To minimise the risk of missing the 31st March stamp duty deadline it’s best to plan well ahead.
This busy pace of the market looks set to continue in the short term, and although the market has proven resilient since reopening, we still need to be mindful of the wider economic concerns as the year progresses and into 2021.”
Equus undertake to complete a ‘start to finish’ bespoke property service for all of our vendors starting at our initial meeting where we will give you qualified advice on appropriate pricing and put together an agenda of advertising and manage your sale transaction right up to the completion date – all of which is dealt with by an experienced Equus partner.
If you are thinking of selling don’t delay - telephone the Equus South East office on 01892 829014 or e-mail sales@equusproperty.co.uk for an informal discussion about your property and/or buying requirements.
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