2021 looks promising

Wednesday, March 17th, 2021

The property market is looking promising at the time of writing this post.  The Government has announced their ‘road map’ with provisional dates leading to the removal of restrictions by 21st June 2021, provided the data and stats for recovery from the pandemic continues to improve at the current rate.

2021 property market

I receive regular email updates and newsletters from Rightmove and today’s shows the following headline:

‘Strongest Spring housing market for home sellers in a decade’

Here is the link to Rightmove’s interesting news – thanks go to Rightmove:

Rightmove March 2021 news

It’s obviously best to take five minutes to read the article above in full, but brief bullet points are as follows:

  1. Demand levels enquiring about properties on their site is 34% higher than last year this time.
  2. People are searching for more space and a change of lifestyle.
  3. In February 2021 Rightmove recorded 7,000,000 visits on an average day – an increase of 40%
  4. The average asking price has risen by 2.7% in the last 12 months to £321,064 nationally.
  5. Asking prices increased for the second consecutive month with a rise of 0.8% (+£2,484) recorded in March.
  6. Fewer properties are coming to market, causing a serious shortage – levels were down by 20% in February 2021 compared to February 2020, but 5% in March 2021 compared to last year.
  7. Sales agreed for the first two weeks of March were 12% higher than a year ago.
  8. Almost two out of three properties on estate agents books are ‘Sold Subject To Contract’.

As the restrictions lift, and nervousness decreases, I expect the number of houses coming to the market will increase although no doubt 2m distance along with facemasks will undoubtedly still be observed where possible – our new normal for house viewings.

Property market March 2021

 

October after Lockdown

Friday, October 2nd, 2020

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.

Approaching Crick village

May 2018 prices

Tuesday, May 22nd, 2018

The average price of properties continues to increase, which can be viewed as good news for those people on the property ladder (and not intending to move or do want to down-size) and property investors/developers, but not such good news for hopeful first time buyers.

The average asking price is now calculated to be £308,075, which is a 1.1% increase from last year this time.

Back in 2013 the target for first time buyers to try to achieve was calculated as £240,000 as an average asking price  across the country, that is quite a large leap in just five years – it is a moving beast for those people saving hard to achieve a deposit.

By my calculations, the increase of £68,075 would necessitate an increased deposit (assuming it to be on average 10%) of £30,807 instead of £24,000 back in 2013, however the average asking price of properties for First Time Buyers is £190,585, meaning a deposit is needed of over £19,000 – that is a lot of sacrifices and saving per month.

Another statistic to be aware of is that agreed sales in May 2018 are down 5.4% and the worst area to be hit is London and the commuter belt.

The statistics that is relevant to Cherry Picked Choices are those for Northamptonshire and North Devon, they are as follows:

  • East Midlands properties average price for May 2018 is £223,266, an annual change of 4.8% with it taking on average 54 days to sell.
  • South West properties average price for May 2018 is £308,750, an annual change of 2.9% with it taking on average 55 days to sell.

It would seem that North Devon, being in the South West, could be in line with the average prices across the country, and you would get more property for your money in Northamptonshire, being in the East Midlands.

These figures were taken from the House Price Index available on Rightmove.

Contact Cherry Picked Choices to help you locate the property you are looking for, at the price to suit you.

Stereo-typical chocolate box cottages are all over the UK