It’s no longer just London seeing record growth…
For decades, London forged ahead of the UK property market, but in recent months a new trend has emerged. The desire for more affordable homes with local facilities and transport links is now growing. Being closer to the great outdoors such as coastline and the countryside is also now highly sought after.
The southeast, northwest and northeast of England have remained consistently buoyant and average asking prices increased in these areas in July. The market in Wales also continues to soar, with average prices up 10.9% on this time last year. In Scotland, sellers can expect the quickest sale – just 23 days. If you own a property in one of these areas, you should be making the most of the favourable market.
How will the stamp duty holiday ending affect the property market in England?
The stamp duty holiday is entering its final stages and, from October, it will revert back to standard rates. Sources at Halifax suggest that buyer activity should continue to ease over the coming months. This will lead to a steadier property market than we’ve seen so far this year. However, if cheap borrowing and limited property supply continues, buyers will likely remain in the market and house prices will continue to rise.
What's happening to the property market in Scotland?
According to Zoopla, there has been a strong price growth in Scotland, with properties rising at 5.1% this year. The exceptional performance of Scotland’s housing market post lockdown has echoed the rest of the UK. The market here, like in England, is being driven by pent-up demand and changing buyer needs, with a renewed appetite for space and suburban living. There is still a low supply of homes listed for sale, especially 2 and 3 bedroom family homes. This, teamed with the limited choice for would-be buyers may well impact demand over the next few months and into 2022, leading to a natural slowing in buyer interest but it’s difficult to tell at this stage.
What’s happening in the lettings market?
According to the National Residential Landlords Association, demand for private accommodation is the highest it’s been since the first quarter of 2016 thanks to a relaxation of Covid restrictions and a more buoyant economic outlook. There is considerable activity throughout the UK but particularly in Yorkshire and the Humber, Wales, the South West and the South East so if you’re looking to invest in buy-to-let, these areas are well worth looking into.
And there’s some reassuring news if you’re a pet-friendly landlord as Rightmove have reported that demand for pet-friendly rental properties has increased by 120% compared to last summer as renters continue to reconsider what’s important.
As UK homes continue to be in high demand, selling quicker than ever at record prices, it’s a great opportunity for homeowners to sell their properties during the autumn months and move to a new home in time for Christmas. “Sell before you buy” is proving the best tactic for many to secure their next home in this fast-moving market.