19 Apr Market Trends Q1 2021
Not all properties are created equal; some homes are simply more desirable than others and that means you need to know which properties are gaining the most interest before you bring yours to market. According to research conducted by one of the leading online property portals, houses are selling three weeks faster than flats and apartments as the search for more space continues post-lockdown.
If you are thinking of making your move, we are always adding to our amazing catalogue of properties for sale in Virginia Water and the surrounding areas so, visit our award-winning website or call us on 01344 843000 and email us.
Currently, it’s taking an average of just 42 days from being listed for sale for houses to have a sale agreed compared to 62 days for apartments. We have seen demand for family homes jump by 30% in the days following the Annual Budget Statement in March. The popularity of such houses is pushing their prices higher with values rising by an average of 4.9% in the last 12 months.
While family homes lead the way in terms of desirability in much of the UK, following the Budget, there have been pockets of increased demand for flats and apartments in cities; specifically, London where the availability of such properties is garnering interest from first time buyers. While smaller homes in London are being snapped up by firs time buyers, industry experts reported that more properties valued over £10m were sold in London last year than any other city in the world.
“As the Spring finally arrives any seller coming to the market would be well placed to maximise the value of their home with a continued flow of London buyers and the last of the stamp duty savers out there making offers so not to miss out.” Stephen Lovelady, Head of Residential Sales.
The Cause of the Trend
It has been a tumultuous 12 months for the UK economy and thankfully the housing market has been here to keep many people in their jobs and provide a much-needed boost to the economy. The Covid-19 pandemic has seen most of us having to work from home and stay isolated from our families in order to protect the vulnerable and give our hospitals a chance to treat patients without overwhelming the NHS.
These back-to-back lockdowns and periods of staying at home for extended periods of time have led many to assess their living circumstances and indeed, their lifestyles. Spending 23hrs a day in a city apartment with no outdoor space has taken its toll on people who are now looking to cash in on their city homes in favour of something bigger with access to green spaces.
Also, with an increase in firms encouraging a flexible combination of working from home and being office based, living outside the city while retaining your job has become an attractive proposition.
Demand for property increased while vendors have spent the last 12 months reluctant to open their homes for viewings. As the lockdown restrictions lift more people are becoming comfortable with inviting agents to view their properties bringing more homes to the market to cope with the demand.
The boom in the property market has also been brought about thanks to the government’s Stamp Duty Holiday and its subsequent extension until the end of June. Buyers are set to save up to £15,000 on their purchase if they complete on or before 30th June 2021.
The new 95% mortgage guarantee scheme looks as though it will be a further catalyst for people to enter the market this month, as first-time buyers and existing home owners can benefit from this scheme in which lenders will have a portion of the mortgage guaranteed by the Government.
Get in Touch
If you are thinking of moving to the area, make sure you take a look at our amazing catalogue of properties for sale in Virginia Water and the surrounding areas.
If you’d like to speak to someone about properties to let in Virginia Water, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram and LinkedIn.