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

 

Buying or selling during Coronavirus

Wednesday, April 8th, 2020

What extraordinary times these are – who would have imagined that the housing market would come to an almost standstill due to a flu virus?

The Coronavirus COVID-19 pandemic happened so quickly and has changed life so radically.

Buying, selling, and moving home is a stressful part of life normally, but add the current restraints imposed, and the ‘UK Lock-down’ it must be exasperating for thousands of people in the midst of buying or selling.

‘Self-isolation’ and ‘social distancing’ are new behaviours we all comply with now and were unthinkable even six weeks ago, but these two restraints have disabled a great many activities involved with instructing an estate agent and/or holding viewings, followed by conveyancing – are these essential workers?

I am amazed that new properties are still coming to the market on Rightmove, but noticed that one local agent explained that all the photographs used were taken by the owner and uploaded to the agent for use on their Rightmove portal.  It is possible to do viewings without the owner or agent being present so that social distancing is adhered to, but this approach is far from ideal.  Needs must I suppose because there will be scenarios where selling (and buying) is urgent and can’t wait until ‘lock-down’ ends in 3 days/weeks/months or even as long as 12 months!

Here is an article by Rightmove that may give some guidance:

Government issues coronavirus advice for movers