The ‘New Normal’ property market

So we are nearly five months back to work after an enforced lay off and the restrictions of Lockdown. As I write we are experiencing the threat of Tiers 2 & 3 and the mutterings of a 2-week ‘circuit break’. With time having passed, now is a great opportunity to review the property market for the past few months and hopefully the near future.

Having seen five months of increased and elevated activity within the property market we have been working hard and agreeing on sales on a scale unseen for a long time. With certain offices doubling sales targets and demand for new property still high, we are hopeful that this interest and activity will continue.

National reports are also highlighting a surge in activity, increase in property value and even an increase in mortgage approvals in the last few months. What began as pent up demand during Lockdown, where we were taking names and numbers from people wanting to view or have a property valued, has been added to by the stamp duty land tax holiday and even a behavioural shift. More and more people look to find a property more suited to their needs after the realisation that the isolation of Lockdown has brought.

Homeworking has become a major factor in finding a new home and a dedicated workspace to remotely work from has jumped up the priority list. Dining room tables and coffee tables are being traded in for home offices, whilst access to green space (be it garden or countryside) has become an essential lifestyle and health need.

The removal of the furlough scheme looms and the uncertainty this brings is in people’s minds, however, there is still limited financial support from the government and the market still seems to be
maintaining the head of steam that has been built up.

All signs currently suggest a continuation of this healthy and productive market. Newly instructed property is generating early interest and the frequency of ‘sold first week’, ‘sold for asking price’ and ‘sold first viewing’ titles is encouraging.

If you are thinking about marketing your property and want to speak to an agent who has been flourishing in this ‘New Normal’ market, why not arrange a No Obligation market appraisal with one of our local experts.  

Craig Turner
Property Department Manager and Valuer

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