The past few weeks have seen a very busy property market, especially here in the Bromley area. The weather has certainly changed, and lockdowns have eased, adding to a general feeling of confidence and a theme of “getting on with things”.
But what’s it been like across the country? Well, if you look at the statistics, it’s been very good news across the board. House prices are up, and a lot of transactions are being lodged.
It also seems that conveyancing companies and solicitors have been taking on more staff to cope with demand.
Several stories have caught our attention this month, and so we feature them in this month’s news round up. Don’t forget, if you want to know more about what’s happening locally, just get in touch with us on 0208 467 8304 or email email@example.com.
Prices are on the Up
House prices in March had a bit of a resurgence, according to the figures collected by the Halifax in its House Price Index.
The HPI reported that “on a monthly basis, house prices in March were 1.1% higher than in February”, and that “in the latest quarter (January to March) house prices were 0.3% higher than in the preceding three months (October to December)”.
This is good news for the sector, after what some might say was a sluggish start to the year.
Russell Galley, Managing Director, Halifax, said: “Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March, with prices up by just over 1% compared to February. This rise – the first since November last year – means the average property is now worth £254,606, a new record high.”
There’s no doubt, if you’re looking to sell your Bromley home, that now will be a good time to get a great price.
Hidden Equity Revealed
Research from Zoopla, the property data website, says that “almost half of UK homeowners are undervaluing their home, with their properties worth nearly £50,000 more than they realised”.
Essentially, Zoopla’s inaugural Hidden Equity Survey looked at how much homes had been sold for or had had their homes valued at, against how much people thought their properties were worth.
The results show that only “three out of 10 people have an accurate idea of how much their home is worth, with 45% undervaluing and a quarter overvaluing their property.”
Transactions not Taking a Holiday
Many outlets are reporting that March was a bumper time for housing transactions. HMRC released figures that showed how UK residential transactions in March 2021 had been impacted by the coronavirus (COVID-19) pandemic, and also the so-called holidays for Stamp Duty, Land and Buildings Transaction Tax and Land Transaction Tax.
Figures show that the “provisional seasonally adjusted estimate of UK residential transactions in March 2021 is 190,980”. This is double the number of transactions in March 2020 and 32.2% higher than February 2021.
Additionally, the “provisional seasonally adjusted estimate of UK non-residential transactions in March 2021 is 12,530”. This is 53.0% higher than March 2020 and 24.5% higher than February 2021.
These really do show that the property market has been hugely impacted by the holidays and means more people than ever are buying homes.
Location for Renting Divides the Age Groups
This is an interesting one that we have seen reported and it’s based on a Deposit Protection Service (DPS) survey of tenants who moved in the six months up to January 2021.
The results show that when you look at who is moving where, older people are more likely to be heading to rent in the countryside while younger people are moving to the towns.
Matt Trevett, Managing Director at The DPS said: “The lifting of Government restrictions on house moves following the first 2020 lockdown led to significant shifts across renting demographics as respondents reassessed their needs during the second half of the year. There seems to be a much stronger demand among younger tenants for properties in towns rather than cities and rural locations, which we believe was partly provoked by more widespread working-from-home policies.”
If you would like to know more about sales or lettings in the Bromley area, call us on 0208 467 8304.