The lifestyle changes triggered by the pandemic are likely to have a lasting effect on the housing market, pushing property prices permanently higher.
That’s the view of the Halifax; its latest index shows that average home now costs £262,954, up 0.7% from July and 7.1% over 12 months. The typical home is now £23,600, more expensive than a year ago.
Despite that demand continues to grow as a large number of families across the UK continue to look for more space to facilitate working from home and countless others are looking for additional homes to accommodate the emerging hybrid working from home model of two to three days in the office and two to three days in more idyllic rural or costal location. Meanwhile, the number of homes for sale is not meeting demand and the outlook for prices is up, not down.
The completion of new homes continues to lag behind annual targets and these have been further affected by the return of many tradespeople following Brexit to their homes in Europe, causing a skills shortage which further effects the numbers of new homes becoming available to buy.
The continued availability of low-interest mortgages and an increase in the availability of 95% LTV (Loan to Value) mortgages makes buying a property much more attractive and cheaper than renting. There are now up to 49 lenders offering 95% mortgages subject to certain criteria. Recent data shows buyer demand is up by 56% so taking all these factors into account the market is set fair to continue at its current level so that is good news for sellers and also buyers who hate buying in an uncertain market in case prices fall.
What should sellers do?
Think carefully about when and where you want to move to and be sure that there are properties that meet your needs in the price range you can afford, even if there is nothing available right now. And in every case, you’ll need to sell your property before you can buy.
Also, careful consideration is needed when choosing the type of estate agent you would like to sell your property with and the fee you are prepared to pay. With properties selling so fast, do you really need to pay a % commission or would a lower fixed fee work better for you?
We offer three different payment options to suit your circumstances, but all represent great value for a full service which is at the heart of the “easy” brand.
Recent research from Prop Tech company Acaboom showed that 52% of sellers thought that their estate agent didn’t understand the local property market and 60% felt they lacked general expertise.
That is not a complaint anyone could make about agents representing easyProperty so why not start by meeting our Local Property Experts and having a free valuation – you’ll be pleasantly surprised!
If you’re looking for anything else or would like additional help and advice get in touch at firstname.lastname@example.org