Market round-up – June ‘21 | Stacks Property Search and Acquisition

It’s no secret that the property market has been frenzied in many sectors. Covid has changed our priorities, the way we want to live, and where we want to live. These are the overriding reasons for what has been a frenzied market.

So what happens next? And should would-be buyers hang on, or join in? Stacks Property Search’s experts share their thoughts.

Clare Coode – Stacks Cornwall

Clare Coode of Stacks Property Search in Cornwall says that she does not expect the speed and intensity of the market to ease anytime soon. Prices have risen significantly, the best properties often sell before reaching property portals, supply remains limited, and many sales are going to best and final offers.

Cornwall has become one of the most searched-for locations in the UK, and serious buyers need to act quickly. Some buyers have been searching for over two years while prices have increased by between 20% and 50%.

Buyers need to be determined and decisive. If a suitable property appears, viewing it immediately is often essential. Waiting even 24 hours can mean missing out. Anyone needing to buy should ensure their finances are organised, have a strong solicitor in place, and, if not local, find trusted people on the ground to help. Determination and decisiveness are key qualities in the current market.

Ed Jephson – South Devon, Dartmoor and South Hams

Ed Jephson of Stacks Property Search in Devon describes the market as unprecedented. In the South Hams there are more than 50 buyers competing for every property over £500,000, and most properties between £800,000 and £1.5 million are selling through best and final offers.

Cash-rich and highly motivated buyers are driving prices upwards. While more sellers may be encouraged to enter the market, demand is expected to remain strong for the foreseeable future.

The urgency continues even after an offer has been accepted. Buyers need to move quickly through the conveyancing process, making the choice of solicitor crucial. An excellent local solicitor who can work efficiently and exchange contracts quickly can dramatically improve the chances of a successful purchase.

James Law – Dorset

James Law of Stacks Property Search in Dorset says that second-home buyers are experiencing significant frustration. Like Devon and Cornwall, Dorset has seen strong demand from buyers seeking coastal or rural retreats, as well as those looking for larger country homes.

Supply remains limited, and many properties change hands privately or stay within families, reducing opportunities for outside buyers. Downsizers are currently in a particularly strong position and may benefit from taking advantage of the rising market.

James Greenwood – West Gloucestershire, Monmouthshire and Cardiff

James Greenwood, Managing Director of Stacks Property Search, says that while the market is operating in unprecedented circumstances, some recent price increases reflect a longer-term rebalancing between country and London property values.

Buyers need to adjust their expectations about what their budgets can achieve and approach the market with seriousness and determination. Although there is uncertainty about future economic conditions, current inflationary pressures may help protect buyers who are paying higher prices today.

There will likely be market corrections in the future, and some buyers may choose to wait and see how the market develops. However, those whose circumstances require them to buy now should proceed with confidence and ensure they have the best professional advisors supporting them throughout the process.