Your April property market update from Quealy & Co
As your trusted estate agent in Sittingbourne, Quealy & Co look at some of the changes in the property industry over recent weeks.
Once again, it continues to be a busy time in the property sector. The housing market is inseparably linked to wider economic issues, so it’s no surprise that government decisions and the pandemic will affect what’s happening to the local property market.
As far as we are concerned, we continue to be remarkably busy and we are still seeing lots of interest in property for sale and to let in North Kent. Demand is outstripping supply in our local area and we are always in need of properties to sell for our ever-growing list of high-quality house hunters.
At Quealy & Co, we always keep up to date with important property market changes both nationally and regionally, so here is a helpful roundup.
Market Dips, But Prices Stable
The Halifax House Price Index shows that prices in February 2021 were 5.2 per cent higher than the same month last year. The bank says that the market dipped slightly in February but prices remained stable, with the average property price being £251,697 across England.
Russell Galley, Managing Director, Halifax, is quoted as saying: “In the longer-term, the performance of the housing market remains inextricably linked to the health of the wider economy. The pace and extent of recovery are still highly uncertain, and much will depend on the ongoing success of the UK’s vaccination roll out.”
At Quealy & Co, we agree that the market is linked to the economic situation, but at the moment it’s a very buoyant market in the Sittingbourne area. This is driven by the extended stamp duty holiday and access to excellent mortgage deals in part.
Read our recent article – HOME BUYER DEMAND UP 36%
Stamp Duty Holiday Extension Welcomed
Perhaps one of the most eagerly anticipated news items of March was the extension of the temporary stamp duty holiday (in England and Northern Ireland), which now runs until the end of June 2021.
The announcement came as a relief to many homebuyers, especially those mid-transaction, and there is little doubt that the holiday has taken the pressure off conveyancing teams when it is most needed. Indeed, Rightmove’s property data expert Tim Bannister said that the extension “should give tens of thousands of home-movers the chance to complete before the new deadline”.
Echoing these thoughts was Zoopla, the property portal, which said that buyer demand soared in recent weeks, but warned that supply remained tight, thus pushing house prices upwards.
You can read our full article on all you need to know about the stamp duty holiday extension here.
Eviction Ban Extended
One for the landlords here, as many news outlets reported, the ban on tenant evictions has been extended. Zoopla says that under the ban, “bailiff-enforced evictions will not be allowed except in the most serious circumstances, such as cases of fraud or domestic abuse”.
Additionally, “the requirement for landlords to give their tenants a six-month notice period before they can evict them has also been extended until the end of May”.
Good news for tenants, but for landlords who have issues with a tenant, it may not be so welcome. If you need help managing your property portfolio, we’re happy to assist. Just get in touch and we’ll have a chat about what we can do to help alleviate the stress for you.
Read the full article on the Eviction Ban here.
Key information to be shared earlier
The Law Society and its partners are looking at making “key information for home buyers and sellers available at a much earlier stage in the conveyancing process”.
If the pilot which is currently being rolled out proves to be successful, it means information normally sourced after conveyancers have been instructed will be available earlier in the process via the TA6 form. This is typically information relating to the property to be purchased. For example parking arrangements, Japanese knotweed and flooding risks.
This could change how things are done in the early stages of purchasing a property and makes a certain amount of sense. Advising a potential buyer of the information they need to make an informed decision is always welcome by responsible estate agents.
We will keep you updated on any developments on this in future blog posts.
It’s a great time to get moving!
As we said previously, demand for property for sale in the local area is outstripping supply. It’s an excellent time to get an up today home valuation for sale and to let. If you want to get a more personalised property market report for your specific postcode in the Sittingbourne area or you are looking to buy or sell a home, then please get in touch. We would love to help with your property needs.
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