12 Aug Supply and Demand 2021
In the last 18 months, we have lived through some unprecedented times and, in our industry, we have seen some trends shift quicker than ever before. There has been a mighty surge in the demand for properties at all levels of the property ladder. Family homes are out-performing city apartments and flats as the most sought-after properties, this is as people react to being locked down and go in search of more space.
The demand for all types of houses, from terraced to detached in the past two years has more than doubled, while demand for flats specifically has increased by a mere 34%; this has led to the average house price jumping up by 7.3% in the last year compared to the typical price of a flat increasing by just 1.4%, according to a leading property portal’s research.
Are you looking to move home this year? Why not browse our properties for sale in Virginia Water and the surrounding areas? If you’re looking at moving to the area, visit our award-winning website or call us on 01344 843000 and email us.
Why is this surge in demand happening?
We have spoken at length about the impact the Government schemes have had up and down the property chain; the Stamp Duty Holiday has stimulated the market which has had a positive impact on the economy and all levels of the property chain.
At Barton Wyatt, we deal predominantly with high-value properties, while such properties might not be impacted directly by Stamp Duty, the benefits of a buoyant and enthusiastic lower-value market are felt all the way up.
As a result of being cooped up during the Covid-19 lockdowns, there has been a deluge of people cashing in on their city properties in favour of more space in the commuter belt.
The lockdowns have forced City businesses to switch to a more flexible way of working; with many permanent staff spending more time working from home; making living within a daily commutable distance to the office less of a priority.
Thinking of selling?
If you are thinking of selling your home and want to get a quick sale, now is the time. Rising demand for houses means that sales are happening quickly and, with house prices rising consistently in the last year you could find yourself getting a good price.
Of course, the other side of this surge in demand for houses is the shrinking in demand for flats. So, if you are planning on selling a flat or apartment in order to buy a house, you might find that the gap between your current home and your new one has increased in recent months. The takeaway for flat sellers is to be prepared to move quickly once you’ve found something suitable for your requirements.
What about the rest of 2021?
As we approach the Autumn, we are seeing buyer demand for all types of properties start to ease, however, it still remains 80% up on previous numbers at this time of year. This means that competition will remain stiff when it comes to buyers securing their new homes.
So, if you are thinking of selling make sure you get in touch with a member of our team about having your property appraised for the market, you could be surprised by the result.
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.
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