Your September property market roundup from Waterfords

News at Waterfords | 30/09/2020


September property market roundup

You have probably noticed that COVID 19 still dominates all the headlines, and not just the property ones. Politics and wider economic issues will continue to impact the housing market one way or another. What is certain though is that the property sector always presents opportunities.

At Waterfords we are seeing large numbers of people wanting to move, particularly to properties with a garden. We also know that when priced correctly, a nice home will attract offers quickly after hitting the market.

Here is a pocket-sized roundup of our highlights covering what’s been happening in the housing market recently. Whether you are looking for your next dream home or wondering what your home is worth, we are always happy to chat to you about your local property market, so feel free to give your local branch a call.

 

House prices are on the up

House prices rocketed in the initial weeks after lockdown restrictions were eased. That is the verdict of Russell Galley, the managing director at Halifax. Writing in the Halifax House Price Index, Galley said that during August, prices “rose sharply”, up by 1.6 per cent on a monthly basis, and up a whopping 5.2 per cent on the same time last year.

This is an interesting one because we all expected prices to do something after being unlocked from the enforced pause, but the increase is way ahead of expectations. This shows that there is real demand, so if you are considering a move do speak with us about putting your property on the market.

 

Covid-19 evictions update

If you are a buy-to-let landlord, then you will have been keeping a watchful eye on the ban on evictions that was put in place due to COVID-19. The ban first came into play in March, and it was extended in June but it has now come to an end. We think that while the ban has ended, it’s worth watching this space because there are serious calls from councils and homeless charities for it to be extended yet further as COVID-19 does not seem to be going away any time soon. Remember though, as the Independent reports:

“No evictions will happen over the festive period. Landlords now have to give renters a minimum six-month notice period until 31 March, 2021”.

The report says this does not apply if people “have been accused of anti-social behaviour, fraud, rent arrears of more than six months, and domestic abuse”.

Here at Waterfords, our dedicated lettings team keep track of the latest developments and will let you know of any changes as they happen in the industry.

 

The price is right

New research from Rightmove shows that to get your house sold quickly, you need to price it right – from the start. Research by the property portal showed that “sellers are twice as likely to find a buyer if they have an offer accepted on the initial asking price”.

What this means is that you must set the price right from the beginning, resisting the urge to inflate it, however tempting this may be! We want to help you sell your home for the asking price and we will always give you an honest appraisal of what it is worth.

To find out how much your property might be valued at, give us a call on 01252 235348. Alternatively you can try our instant online valuation tool for a rough idea of your home’s value.

 

Increase in first-timers looking at Buy To Rent properties

More and more first-time buyers are looking to enter the buy-to-let market. The Legal & General Mortgage Club carried out research into its own SmartrCriteria tool, which advisors use to show which lenders will lend to buyers. It showed an 18 per cent increase in “search combination for first-time buyer, first-time landlord and non-owner occupier”.

Interestingly, and perhaps again driven by the staycation nature of holidays this year, short-term holiday lets and Air BnB properties also ranked highly in search criteria. It is intriguing to see how search terms change, and that savvy investors are finding opportunities.

Waterfords have a number properties which we think would be ideal for this purpose, so if you are looking to join the buy-to-let trend, call us on 01252 235348.

 

Garden appeal

There’s an interesting footnote on the house price increase since initial lockdown restrictions were lifted. It’s all about gardens and how attractive they are to homebuyers. While there has been an increase in prices, it’s noticeable that if you have a garden your property is more likely to catch the eye of a potential buyer according to RICS Royal Institution of Chartered Surveyors.

Why? Well, we think it is because many people are still having to spend more time at home than before COVID-19, whether working from home or having a staycation. Therefore, propertiies with a good-sized garden currently have a huge selling point.

Our team love to comb through the news headlines about property, and are delighted to bring you our September property market update. If you are thinking of buying or selling, please get in touch with us on 01252 235348 or contact.centre@waterfords.co.uk for expert home moving advice in Surrey, Hampshire and Berkshire.

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