The stamp duty holiday is driving demand in the housing market, and the fear of another lockdown is pushing buyers away from the city into villages and town. When you add in the increased opportunity for remote working, it is obvious there is a considerable level of demand for property in more rural settings.
According to information provided by Rightmove, a lot of towns and villages have already posted sales figures which outstrip their total in 2019. With these statistics based on information which still has four months of 2020 to run, there is no denying villages and towns are in huge demand right now.
The property portal states 16 towns and villages have smashed their 2019 records already.
Rural settings are in greater demand
You also need to account for the lockdown period between March and May. For seven weeks, there was limited activity in the housing market. When you consider the challenges, it is telling that some towns and village have seen more property deals in half of 2020 than they did for the whole of 2019.
Overall, the property market is still playing catch-up in 2019. Compared to 2019 figures, there is a reduction of 6% on the year-on-year figures. However, with the stamp duty holiday in place, there is an expectation many more deals will be concluded before the end of the year.
Even if 2020 sales figures are comparable with 2019 sales, you have to say this a positive return when you take on board everything 2020 has placed in front of people.
It is natural to look at the London housing market, and try to draw a comparison. This is even more pertinent at a time when many analysts suggest homeowners are fleeing the capital, looking for more space and greener pastures.
London is toiling for property sales right now
No areas of London, as of yet, have overtaken the 2019 sales figures. The locations in the capital which are performing best are areas at the end of the tube line. This suggests buyers don’t want to cut themselves off from the heart of London, but are keen to move further out.
An example of this is seen in Upminster being the strongest market. Sales in this area are up 42% compared to the previous year.
Rightmove’s property expert Miles Shipside, says: “The national sales agreed trend is an important and early indicator of future completed transactions and it’s encouraging to see that whilst it’s still playing catch up, it has been improving at pace over the past few months. National statistics are drawn from hundreds of local markets, with villages and market towns peppered across the country benefitting most from the post-lockdown boom in activity and a shift in buyers seeking out more serene scenery.”
Miles continued by saying; “This is great news for sellers thinking of coming to market in these areas, but it will exacerbate the bottle neck that’s continuing to brew for conveyancers already finding it challenging to handle the surge in deals being done. The key now will be for would-be sellers and those already on the market to get as much legally required information about their home ready as possible, to help create a speedier buying and selling process.”
Currently, in line with Government guidelines, our Letchworth Garden City branch has reopened and is again staffed with sales and lettings personnel. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 481100 or email firstname.lastname@example.org.