Stacks Property Market Comment

What’s going on in the UK Property Market?

Here’s what our experts have to say…

Predicting the spring property market and beyond

Country market:

Generally speaking, this year is going to be hot for the property market with prices rising across the board fuelled by pent up demand and a desire to change lifestyle that has been prompted by a year unlike any other in living memory. Strong trends that are Covid-driven is the desire to move closer to family, and a willingness to move further away from cities with a view to stretched commuting.

Demand is building already. Hampshire, West Sussex and Surrey are overrun with frustrated buyers for property around the £1m – £2.5m range. While we anticipate a significant improvement in supply as we move into April, it’s unlikely that there will be enough availability to satiate demand, and my expectation is that we’ll see price rises in excess of 5% this year.

We’re seeing an increase in both probate sales, and sales driven by divorce, a sad reflection of the pandemic.

In addition frustrated buyers in Devon with properties that have broad appeal going to best and final offers. Everyone seems to want a slice of the smallholding lifestyle, while large cottages that appeal to young families and the retired alike are equally sought after. Last year’s market was hectic and we have no reason to believe it will be any quieter this year.

London market:

We are nearing the end of the quiet before the storm. The London property market has been on ice for months and the pressure is building. As soon as Lockdown starts to be relaxed, the housing market is going to take off in a dramatic manner.

Transactions have been incredibly low during the course of 2021, it’s as though Christmas has lasted three months. The prospect of viewing, or receiving viewers, has been incredibly unattractive, both from a safety point of view, and due to the challenges of home working and home schooling. But as we approach spring, schools return, and a growing proportion of the population receive the vaccine, the market will boom.

Our prediction is things will start to pick up at the beginning of April, and that the market will be in full flow by the end of the Easter holidays. Demand is likely to exceed supply, and we expect to see price rises, especially in prime central London where prices have dropped by as much as 15% due to the lack of overseas buyers. Price reductions will fully reverse over the course of the next six months, and we predict that values will finish 2021 around 5% higher than at the end of 2020.

London has always offered a safe haven for investor cash, it’s an interesting and vibrant city that has shown consistent returns on property investment. We’re seeing a trickle of overseas buyers already, and we expect them to return in force in April. They’re keen to buy having been unable to come to London for over a year now.

It’s no secret that many Londoners have escaped the city during the Pandemic, and there’s a belief that there will be a strong desire to make a move to the country during the course of 2021. We believe that the proportion of people leaving the capital will be no more or less than in previous years. As the vaccine rolls out, and normality starts to return, the appeal of London life will re-ignite and London will become party-central. Everybody wants to enjoy what it has to offer.

Areas that offer the best of both worlds, green space combined with easy access to all the amazing facilities that London has to offer, for example Hampstead, Greenwich and Richmond, will be in particularly high demand.

Buyers and sellers alike should get ready for the floodgates to open, we are approaching a heady market with stratospheric levels of transactions, and significant price rises.

 

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