Market Comment 2022

The market remains active although, despite a slight uptick in stock levels as you would expect in the Spring Market, the acute imbalance between demand and supply remains. This has in affect slowed the market down as chains stutter to a standstill whilst buyers wait for their vendors to find and so on and on it goes until the chain is finally closed. The lack of stock seems to be a self-perpetuating problem as would be sellers remain reluctant to bring their properties to market without the confidence in being able to find themselves.

We are also seeing a two tiered market, with the exceptional properties priced correctly, still attracting multiple offers and often still exceeding the guild price. Yet properties that are over priced and perhaps slightly compromised, are sticking and in some cases having to adjust their marketing prices down. Borrowing costs are rising and this will impact affordability and price growth. But buyers that want to move to Devon are motivated and not too concerned with any slight downward adjustment should there be one. They are buying for lifestyle reasons and for the long term.

We are still incredibly busy with new clients and interestingly I am getting more and more calls from would be sellers direct, who see the value in reaching out in the hope of finding a buyer without having hoards of people through their doors. In these cases, I often insist they get support from an estate agent but am always happy to try and place a buyer avoiding the need for them to go to open market.

 

An all-time record high of one in three properties sold for more than the original asking price last month.This is according to the latest market snapshot from NAEA Propertymark, released this morning.The exact proportion – 32 per cent – is twice that proportion recorded a month earlier and is the highest figure on record for the organisation, beating the previous all-time high of 19 per cent back in May 2014.

The Propertymark stats also suggest that the average number of house hunters registered per estate agency branch was 427 in April, an increase from 409 in March – and the highest figure for the month of April since 2004.The number of properties available per member branch stood at just 27 in April, falling from 31 in March.

This figure is the lowest recorded since December 2002 when 25 properties were available per branch.“This means there is an average of 16 buyers for every available property on the market” according to Propertymark.The average number of sales agreed per estate agent branch last month stood at 12, identical to the March figure. Meanwhile the number of sales made to first time buyers stood at 27 per cent in April, which remains the same as March.

“It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices” explains Mark Hayward, Propertymark’s chief policy advisor.

He continues: “We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower income buyers, although the government’s First Homes initiative will be a much-needed boost.”

https://www.theguardian.com/business/2021/mar/19/cornwall-overtakes-london-as-most-searched-location-for-uk-movers

We are in unprecedented times. Cornwall has now taken over London as the most searched for location on Rightmove. Cornwall has a population of circa 600,000 where as London has circa 9,300,000.

The coastal Regions of Devon have come third in the list.

I have been in the business of buying and selling property for over 20 years and cannot remember a more extraordinary market place as the one we find today. Yet, I just don’t see, demand dampening for the foreseeable future.

I actually feel there is enough demand already in the market place, to keep sellers and Estate Agents with plentiful supplies of buyers, for the next 5 years. Estate Agents have people queuing for property and this waiting list will not clear for many years to come.

We are facing a revelation in terms of where people now want to live and that now can live.

I do hope the market cools down post June 2021, once the stamp duty starts reverting back to normal. But I don’t think there will be a dramatic shift in demand.

As your Search Agent, It is vital to make you as a competitive buyer as possible and to try and see properties before they go “live” on the Portals. I now also have 2 or 3 clients willing to buy without seeing the property in the flesh. This may seem reckless, but in some individual cases, it is the most logical way to secure a property in today’s market. However, it is vitally important you have someone on your side to share with you the negative aspects of any house in a balanced and honest fashion, before you can possible consider taking such bold steps.

Very best,

Ed

 

 

The start of 2020 was certainly an improvement upon the sluggish Brexit dominated 2019 market, but with the new challenge of life with the Corona Virus, the property market has largely been stagnant as we have all tried our best to navigate through this strange and uncertain time.

That said, this has been a time for reflection for many and with the ‘new normal’ seeming to indicate that working from home is the way forward, I ask the question – will there be an influx of relocations to the South West?

This question has indeed been reaffirmed by recent articles in the Times property section as well as when speaking to local estate agents. In speaking to one Dartmouth agent last week, he stated ‘’ we have been inundated with enquiries and are on back to back viewings and market appraisals. Yes, some of the enquiries are less credible than others and there is a feeling that people are seeking to find a property that they enjoy living in, as opposed to a property that is near work, shops etc.’’

Having recently relocated to Devon from London with my husband and baby, I can certainly see the appeal of a move to the South West, provided it is feasible to work from home. According to the office for national statistics, only 5% of the UK workforce worked from home in 2019. That number has obviously spiked in recent weeks, and with it, the number of Londoners searching for Rural properties (Rightmove)

Over the past 3 months, families may have taken this break in normality as a much needed time to sit back and reassess what they deem to be important. A time to reprioritise. Instead of viewing a property as a place to simply crash out in the evenings and weekends, buyers will be posed with the question ‘’can I live and work here, with my family, during a lockdown’’ – a new set of requirements will be created and perhaps with it, an increased demand for rural properties, space and a more astute buyer.

Perhaps the lockdown has given you an opportunity to tackle the growing list of DIY jobs and you feel that now your property is looking its best, it’s time to sell and downsize. Perhaps you have decided that you need more of a work life balance and are desperate for some clean air and greenspaces.

Whatever position you find yourself in, in this new world, instructing a buying agent will ensure that you are best placed to start your property search. Stacks can help you understand the local market and preview available properties on your behalf meaning you save unnecessary travelling and legwork, leaving you to focus on the things you enjoy. Due to our relationship with local agents, we are often informed of properties that haven’t yet reached the open market- giving you as a buyer a cutting edge and putting you head and shoulders above the competition.

I will personally assess the property for you, as well as perform a detailed video tour to show you the property in depth, leaving no stone unturned or cupboard closed!

Please do feel free to call to discuss how I may be able to help you find your dream Devon property.

To discuss what you are looking for call
Ed Tel: 01803 732128 / 07711724939

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    Financial Times

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