22 Sep Prime property leads the recovery
The COVID-19 lockdown closed down many markets for a number of months in the early part of this year, thankfully the property market was one of the first to reopen in May. Since then we have been working hard to make sure that any transactions which were caught up in were completed in good time.
While the entire industry is playing catch up due to the sluggish market since June 2016 (the original Brexit referendum) there have been a number of new initiatives which has boosted the market and enabling it’s continuing steep ascent; with the stamp duty cut, low interest rates and a surge in new properties to the market – buyers are keen to get their moves done.
The property market is notoriously resilient and this has been fully demonstrated during the early part of this year, with house prices continuing to rise despite the uncertainty around Brexit, the Coronavirus and the economy in general.
Another contributing factor has been the surge in people looking to sell their properties in Central and Greater London in order to find more space in the Home Counties. So, if you are looking to move in the near future make sure that you take a look at some of the stunning properties for sale in Virginia Water and get in touch.
Despite all this uncertainty the property market saw an uptick in August with Prime properties taking the lead. According to research conducted by Rightmove, the number of homes sold above £1m was double that seen in 2019. The annual jump for properties valued at £750,000-£1m was even higher where there were 119% more deals than last year.
While transactions for the under £500k bracket were somewhat subdued, the number of properties sold subject to completion had still increased by 53% year on year.
While this resurgence in prime property sales could be due to a clearing of the backlog of transactions from the lock down period, it’s not clear if this pace will continue even though the industry has seen a further surge of activity since the stamp duty cut.
The research suggests that the prime property market has recovered quickly due to the financial positions of the buyers; more affluent households are less reliant on lending and are able to complete their transactions speedily without the securing complex mortgage lending.
We do, however, expect to see the sub-£500k deals start to overtake prime property as the sold statistics become available for comparison. This is the bracket in which the stamp duty cut and low rate mortgages will have the biggest impact.
Get in Touch
So, 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.
image: shutterstock/sommart sombutwanitkul