October after Lockdown
News articles can be conflicting at the moment, with some saying that houses are selling very fast and frequently above the asking price, whilst other news is saying that prices have been reduced to get a sale.
Rightmove.co.uk consistently writes that properties with outdoor space are selling the fastest. This is due to the vastly increased number of home-workers – either having a view from the window to work from, or converting outdoor space into offices at home.
Properties in the £1,000,000+ bracket used to be slow to sell, but are now up in volume by 2% and selling much faster, 18 days faster than a year ago, with Norfolk, Wiltshire and Cornwall being the three top areas for millionaire property sales. Norfolk sales are up by 244% to a year ago, with Wiltshire at 174% and Cornwall up by 165%. Properties in this price bracket are finding buyers faster than in the last six years. Cambridge is the most popular place to buy a £1m+ property, taking on average 40 days to sell. Thanks go to Rightmove.co.uk for this information.
With the country adapting to living with Covid-19, the benefits of city living may be outweighed by the benefits of countryside and coastal living, with the beauty of nature now taking higher priority in many people’s lives. A £1m+ property in the country will provide a much larger property than a London-based property.
Large gardens, outbuildings, greenhouses, drives, and garages are common place with £1m+ properties outside of cities, but I suppose the down side is you don’t always have restaurants on your doorstep and can’t order food or Uber – will restrictions of living with Covid-19 prevent these benefits though, because as I write this post pubs and restaurants are legally not allowed to open beyond 10.00pm.
Not everyone can afford a £1m mansion, so the good news is that the whole of the property market is moving faster than a year ago, with the average sale taking nine days less (according to Rightmove.co.uk).
Gardens, land, countryside and coastal views, with nature walks are certainly high in demand in 2020.
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