Mark McDonald, Senior Property Consultant
The local property market in Radlett and the surrounding areas has been quite buoyant in the past year, considering the turbulent times everyone has faced during the global pandemic. Despite the expected onset of likely impacts that the national property market may well endure in the next 12 months, we feel that the industry will cope well and continue to thrive as we know it can.
Being an affluent area, the property market in Radlett, in particular from a sales perspective, has continued on a consistent gradient. While there has been a slight reduction in numbers of valuations as expected, with sellers being rightly cautious. The industry has coped well, while adapting to new health and safety regulations laid out by the Government. What we have seen is an increase in the number of quality buyers in the area. Many buyers have opted to sell and move into short-term rented accommodation in order to put themselves at the front of the queue as a proceedable buyer. This has allowed a lot of vendors to proceed with their house sale quicker than expected.
Chain-free and cash buyers
Due to the demand in the local area, buyers now recognise the power of being chain-free and even better, cash buyers. This is something that is becoming more and more common across the board, across a range of price brackets. This has certainly helped our property chains to stay secure and well connected, while also being able to move quickly.
From a lettings perspective, again the market has been reasonably strong despite the pandemic. An increased demand from home buyers looking to utilise rental accommodation has meant that the rental stock across the board has also been in high demand. We are finding an increasing shortage of family-style 4+ bed homes to rent, while stock for apartments and flats seems much more abundant.
We hope that the market continues to grow in these unprecedented times while we will try our best to mitigate any impacts that may be experienced as a result.
Pictured property: 80 Loom Lane, Radlett, WD7 8PA – OIEO £1,500,000
Edward Chelton Brown, Director
It has been an odd 12 months in the property market for Northampton. What started off as a potentially record-breaking year for transactions was quickly stunted by COVID-19 and the first lockdown. During lockdown, the housing market as good as shut up shop. Even with virtual viewings, 360 tours and endless zoom calls, for many it was a case of damage limitation with a gloomy forecast for the whole of 2021.
However, I am pleased to tell you that these forecasts, for now, have proved to be wrong, demand is back and it is booming! This post lockdown boom has been further boosted by the temporary extension on the freeze of Stamp Duty on purchases to up £500,000. This, combined with a fantastic mortgage market, making money cheaper than ever to borrow, means property for sale has been in high demand over the last five months.
In the last 12 months to date properties in Northampton had an overall average price of £248,232. The majority of sales in Northampton during the last year were semi-detached properties, selling for an average price of £236,593 whilst terraced properties sold for an average of £203,529, and detached properties fetching £366,099. In the same period sold prices in Northampton were 3% up on the previous year and 4% up on the 2018 peak of £238,764.
We feel that this too is set to continue in forth coming months with demand stronger than it has been in several years. However, supply is very limited with new stock coming to market somewhat drying up. However, the real question one could argue is, “is this sustainable long-term” and that, I’m afraid, will only become clear over time. With challenges such as the end of the Stamp Duty holiday looming, the market could take a dip as things tighten up. But for now, at least, let us ‘make hay whilst the sun shines’!
Pictured property: Hedgerows, Lower Harlestone, Northamptonshire, NN7
LPS REAL ESTATE
Joe Gervin, Director and In-house Solicitor
Sales and lettings have remained busy throughout the pandemic. New sales figures show Liverpool to be outperforming London in terms of house price growth, with an increase of 6.8% year on year. This is largely due to the fact that demand is greater than supply, but you also have the Stamp Duty holiday, low interest mortgages and an increase in savings. Literally within five minutes of listing a property, regardless of price range, we’ll have viewings booked in. This could level off when seller confidence returns as restrictions continue to lift.
We have a number of investment properties within our sales portfolio, and this has been an interesting area to watch. Investors see Liverpool as one of the big cities in the UK, but they are having to compete with first time buyers more than ever, especially on the vacant properties. The ratio is around three investors to one owner occupier on the lower priced properties.
Strong rental market
Liverpool’s rental market is as strong as ever across all price ranges. City centre apartments will always be popular, especially now if they have parking or balconies, but it is houses – in any postcode – that are flying out. We’re also finding people are selling their houses and choosing to rent so they are chain free when their ideal home comes along.
We’re about to enter our busiest season – and restrictions are lifting – so it will be interesting to see what happens now. The end of furlough schemes and stamp duty could cause some issues with the property market. We’ve never lost confidence in the market, so much so that we purchased and fitted out a new city centre office in the middle of the pandemic and we’ll hopefully be welcoming clients to it soon.
Pictured property: One-bedroom duplex apartment, Georgian Quarter, Liverpool – £195,000.