The 2021 property market -
Twelve days of predictions
James Greenwood of Stacks Property Search says, “The Stretched commute and second home market will continue to grow as new working practices become so firmly entrenched that to at least some degree they will become the norm. Longer distances will be easier, so buyers will be looking at destinations that were previously considered a step too far. Our Cornwall office reports increased interest in The Lizard, our East Anglia office reports buyers interested in destinations further north and further east; and buyers are looking deeper into Dorset and Wales.”
Gideon Sumption says, “The shortage of supply we’ve seen this year will continue into 2021, and prices will be robust. If you’re buying for the long term, and can afford the property you have found, don’t over-stress about short-term fluctuations in price that will seem irrelevant in the medium term.”
Clare Coode of Stacks Property Search’s Cornwall office says, “Demand for substantial renovation projects will grow as buyers struggle to find exactly what they want. Projects in great Cornish locations are going to sealed bids and selling for well in excess of expected prices.”
Nick Cunningham of Stacks Property Search says, “The running costs of period properties are increasingly becoming an issue with purchasers who want to either find a project that’s extensive enough to warrant retro-fitting, or a new build that can have all the eco bells and whistles specced into the build at the outset. This is further fuelling demand for renovations and new builds.”
Craig Fuller of Stacks Property says, “Buyers will have to show off their paperwork in order to be taken seriously by vendors and their agents. Be prepared to give a clear indication of available funds; securing a property is just as much about proceedability as price.”
James Law of Stacks Property Search says, “We are sad to say that we expect to see a return of gazumping; we’ve seen a fair amount this year, but with some serious doubt surrounding the availability of good properties coming onto the market in 2021, gazumping could return in force.”
Grace Jephson of Stacks Property Search says, “Homes by the sea will become ever more attractive due to the combined effects of holidaying-at-home, and the growing awareness of the benefits of cold water therapy and wild swimming. The property market in Dartmouth has exploded, demand has doubled and prices have risen significantly as a result.”
Amanda Ake of Stacks Property Search says “Such is the demand for coastal escapes, homeowners in Bristol are swapping their large townhouses for a smaller urban property and a bolt hole in Dorset, Devon or Cornwall. A second home in the UK is set to become more attractive as we head into 2021 with the effects of Brexit, and the continuation of Covid restrictions. Split-living will be a top trend of 2021. The dramatic increase in flexibility and diversity more than makes up for the reduction in square footage that results from swapping one property for two.”
Nick Wooldridge of Stacks Property Search says, “Buyers will have to enter into transactions being prepared to fight the conveyancing battle. Leaving it to the pros can result in delay. Do everything you can to avoid a competitive buyer joining the race, spend your time on the telephone making sure deadlines are being met, and fight your purchase over the line.”
Rachel Johnston of Stacks Property Search says, “Buyers’ priority lists will have changed as a result of a year of degrees of Lockdown; our desire for outside activity space, and inside office space will survive much longer than the pandemic. Vendors will do well to demonstrate how their properties meet buyers’ needs in this respect.”
Gillie Pearce of Stacks Property Search says, “Buyers’ relationships with agents will be more crucial than ever. Make it very clear what you’re looking for and what your buying position is.”
Bill Spreckley of Stacks Property Search says, “It’s almost impossible to predict what will happen to prices and supply in 2021, so don’t waste time waiting for things to move in a direction that suits you. If you’re in the wrong house, or living with the wrong people, now is the time to get on with making a move.”
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