UK Property Prices

The Latest UK Property Market Trends And How These Are Affecting Cornwall

Market overview

Post lock-down has seen a large bounce in the UK property market. According to Zoopla there has been a 76% increase in the number of sales agreed in August, compared to the last 5 year average.
However, whilst there are around 50% more homes coming on the market than this time last year, there’s still a gap between supply and demand. This is demonstrated on the graph below:

Zoopla house price index

Number of days to sell a home trend

Statistics show that since lockdown the average number of days to sell a home and dropped from 39 to 27. However, word on the street is that the property ombudsman is being swamped with complaints about how long a sale is taking to complete, so its quite jittery out there at the moment.

What buyers want post lockdown

Lockdown has also affected the type of property and the location purchasers are looking for.

Owners of apartments and flats with no outside space are keen to move to a property with some form of garden. We’ve even seen this in our office, with more tenant enquiries wanting outside space as a priority. Larger properties of 4 and 5 bedrooms are selling 33% faster than in 2019 and there’s a shift from larger towns and cities to more rural and seaside locations.

Every agency we’ve spoken to in the area has said they’re getting record numbers of people wanting to move to West Cornwall right now.  So this appears to back up the statistics.

Projections for property sales and prices

The industry experts are all pretty much in agreement that UK property  prices will be between 2% and 3% higher by December than they were in January. The UK property market is also expected to see a continuation of the high number of transactions until around mid-January.  There’s then an anticipation of a rapid drop off, as it gets close to the stamp duty holiday coming to an end.

 

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