Hi I’m Sam from Fine & Country, back again for my monthly property market update.
August & September proved to be a record breaking period for F&C in terms of completed sales locally, with nearly £11.5m of properties completing. This was the result of the post lockdown sales success that we talked of back in July, finally seeing sellers and buyers secure their moves. So what about the current market locally?
Watch this video to find out more about the Rugby property market update …
Last month we talked of a ’sellers market’ and the clear indications that homes are selling quickly and at a premium price. I’m pleased to see that Fine & Country achieved 101% of sellers asking prices! A true reflection of the confidence in the market felt across the region at the moment.
So what about the national outlook? With economic growth falling hugely during 2020 and GDP falling 9.9%, it is reassuring that with unprecedented intervention from the UK government, that Oxford Economics predict that GDP will rise in 2021 by 9.1%, almost back to pre pandemic levels. So with COVID infections on the rise, there are serious suggestions that we could be facing more lockdown woes but what will this mean for the market? I think we are very likely to see a continued change in buyer priorities, according to the Royal Institution of Chartered Surveyors, 83% of agents foresee demand increasing for homes with gardens over the next two years and 80% expect increased demand for homes to be located near green space. So while there may be some ‘bumps in the road’ there is a generally held long term view that the demand for homes like these will be high for the foreseeable future. Clearly, in the premium market that I specialise in, this is good news. Of course the bottom of the market is equally important and Boris Johnson’s recent announcement that he plans to boost the availability of long term 95% mortgages for first time buyers, which can only be positive news.
Demand, according to Zoopla, is 53% above the levels of last year and Nationwide has reported a 5% annual increase and a monthly increase in September of 0.9% and according to the National Association of Estate Agents, 1 in 8 homes have sold for more than the asking price, again a reflection of what I am seeing locally.
So with such positive news in the local market place, its important as we lead into 2021, that sellers be aware that the stamp duty holiday ends at the end of March, so if you are thinking of taking advantage of this incredible market place, now really is the time to talk to me about a bespoke marketing strategy for your home. Please do give me a call on the details that are about to follow and I look forward to talking again in November.
All the best and stay safe.