HI I’m Sam, Branch Partner at Fine & Country.
Back for my last update of 2020 and what a remarkable year it has been for all of us in light of these unprecedented times. Who would have guessed that the world would be gripped by a pandemic that has essentially changed the way we all live and work. This has resulted in a remarkable upturn in activity in the local and national property market.
Watch this video to find out more about the Rugby property market review …
I recall during the first lock down, preparing my colleagues for the likelihood of some pent up interest from June onwards, but the pace of the market has surprised us all. The stamp duty relief was arguably an ‘injection in the arm’ that the market didn’t need as we were busy enough with plenty of buyers making dramatic changes to their overall lifestyles with the need for more outside space and the all important work from home office, dominating buyers thoughts. However, the stamp duty relief made a lot of ‘might move sellers’ take the plunge and inevitably become buyers very quickly which has resulted in a huge increase in property sales and enabling buyers to save thousands pounds making a move more viable.
Interestingly enough a ‘Garden’ has proved to be the most popular search term on the property portals throughout 2020, whilst ‘Detached’ ‘Rural’ and ’Secluded’ made it into the top 10 on Zoopla’s list.
Despite the recession the number of sales agreed in the Autumn was up 50% and properties have been selling 15 days faster than a year ago.
As a property expert I’m constantly being asked what my predictions are for 2021 and the truth is I haven’t got a crystal ball, but what is evident is that there are currently around 650,000 more sales in the pipeline that there was a year ago, as buyers seek to take advantage of the deadline before the 31st March. The unanswerable question is what will happen with the market post March?
The general consensus is that growth will soften by the end of 2021, but the historically low interest rates, coupled with the so called ‘U shape recovery’ will enhance the prospects of a bounce back in capital growth expected in 2022.
Of course this could all change if the Chancellor extends the deadline and with several petitions being mounted this could be debated in Parliament in the New Year. For the moment a more than welcome vaccine, will also add some much needed enthusiasm to the economy and I suspect this will help support the property market, beyond March.
What has become apparent in recent weeks is the number of vendors that are beginning to change estate agents as their sales begin to falter. I’ve been inundated with potential sellers contacting me to check what Fine & Country can offer that their present agent can’t.
There is plenty that we can do if your current agent has given up hope of making the deadline and often a new enthusiastic approach with a bespoke marketing package will make all the difference. According to Rightmove, since the first lockdown eased, we have sold 55% more than our nearest competitor in sales in excess of £600,000, a simply astonishing statistic but a clear suggestion that the right marketing and advice will help you enormously to achieve your goals.
So if you are wondering what the market holds and need my help then don’t hesitate to contact me on the details that are about to follow.
Best wishes and have a wonderful Christmas and a Happy New Year!