At Holmes Estate Agents, we want you to make an informed decision in the housing market. We know there are many challenges to face and overcome these days, so if you are looking to feel confident about entering the market, we are here to ensure you make a measured decision.
There are properties coming on to the market, and it appears as though London buyers have more choice right now. The number of properties listed for sale has risen sharply, by up to as much as 40%, in seven of the largest cities in Great Britain.
There is considerable movement in the UK housing market
David Alexander, joint chief executive officer of apropos, said: “These figures both confirm and contradict the widespread expectations of market performance following the end of lockdown. With the relaxation of the stamp duty land tax threshold in England and Wales and a similar move in Scotland with land and buildings transaction tax there was expected to be something of a property boom as buyers sought to take advantage of the improved tax savings. There was also a strong view that the market, after being locked up for so long, had produced pent-up demand which would be released as soon as people were able to move. Indeed, some of these figures reflect this with Edinburgh and London in particular bouncing back very strongly.”
David Alexander continued: “The areas which experienced a decline in volumes are, not unexpectedly, also those which have experienced high levels of infection and the consequent imposition of longer lockdowns and greater restrictions. The North West, Yorkshire and the North East are the three areas with the largest decreases in properties being advertised for sale. This will have surprised nobody given that economic uncertainty always produces a faltering property market. If people are unsure about whether their jobs will remain, and this concern is exacerbated by continued lockdowns and restrictions on commercial activities it is clearly not the formula to produce higher house prices.”
The market is performing differently across the country
David Alexander also said; “These figures show that the UK property market is experiencing widely differing performances in each area. This is perhaps not surprising, but the scale of the difference is quite marked and reflects the different experiences each area has had both during and after lockdown. The announcement of a workable vaccine may now make the position more stable in the more vulnerable areas, but it is clear there is still some way to go. Quite what the impact on the busier areas will be when the stamp duty thresholds are returned to normal is unknown, but it is unlikely to bolster sales. However, it is equally unlikely that there will be a sudden slump. Maybe a minor dip in the late Spring reflecting a slowing in activity once the financial incentives have ended. Of greater importance will be whether unemployment is rising and if the economy is returning to normal.”
The growth in properties on the market in leading cities, including London, can be seen below:
London with 53,639 on the market in 2019 and 60,6537 on the market in 2020
Bristol with 3,064 on the market in 2019 and 3,502 on the market in 2020
Brighton with 2,576 on the market in 2019 and 2,922 on the market in 2020
Coventry with 1,684 on the market in 2019 and 1,908 on the market in 2020
Birmingham with 4267 on the market in 2019 and 4693 on the market in 2020
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estate Agents today.