Once again, it continues to be a busy time in the property sector. The property market is inextricably linked to wider economic issues, so it’s no surprise that government decisions and the pandemic will affect what’s happening locally.
As far as we are concerned, we continue to be busy and we’re still seeing lots of interest in the the South West area.
At BOP, we always keep up to date with the property market, so here’s a helpful roundup of some of the property market news over the past couple of weeks.
Don’t forget, if you want to know more about the local market in particular, drop an email over to us at firstname.lastname@example.org.
It’s A Moving Business
We often talk about property – which is obvious since it’s our line of buisness – but we thought we’d start this month’s news update with talk from the removals industry.
Today’s Conveyancer recently ran an interview with a couple of businesses in the removals sector which interestingly stated that for one particular company, stats showed “registrations for their removal services in August 2020 didn’t hit the same peaks as they had done in 2019. However, their data showing the first couple of months of 2021 have shown that demand for the services is indeed still at an all-time high.”
This is good news for the sector and correlates with the market we are seeing, which has faced some uncertainty over recent months.
Market Dips, But Prices Stable
The Halifax House Price Index shows that prices in February 2021 were 5.2 per cent higher than the same month a year earlier. The bank says that the market dipped slightly in February but prices remained stable, with the average property price being £251,697.
Russell Galley, Managing Director, Halifax, is quoted as saying: “In the longer-term, the performance of the housing market remains inextricably linked to the health of the wider economy. The pace and extent of recovery are still highly uncertain, and much will depend on the ongoing success of the UK’s vaccination roll out.”
We agree that the market is linked to the economic situation, but at the moment, it’s a buoyant market in the South West.
Stamp Duty Holiday Extension Welcomed
Perhaps one of the most eagerly-anticipated news items of March was the extension of the temporary stamp duty holiday (in England and Northern Ireland), which now runs until the end of June.
The announcement came as a relief to many homebuyers, especially those mid-transaction, and there is little doubt that the holiday gave the market the shot it needed. Indeed, Rightmove’s property data expert Tim Bannister said that the extension “should give tens of thousands of home-movers the chance to complete before the new deadline”.
Echoing these thoughts was Zoopla, the property portal, which said that buyer demand soared, but warned that supply remained tight, thus pushing prices upwards.
Eviction Ban Extended
One for the landlords here, as many news outlets reported, the ban on tenant evictions has been extended. Zoopla says that under the ban, “bailiff-enforced evictions will not be allowed except in the most serious circumstances, such as cases of fraud or domestic abuse”.
Additionally, “the requirement for landlords to give their tenants a six-month notice period before they can evict them has also been extended until the end of May”.
Good news for tenants, but for landlords who have issues with a tenant, it may not be so welcome. If you need help managing your property portfolio, we’re happy to assist. Just get in touch and we’ll have a chat about what we can do to help alleviate the stress.
Key Info To Be Shared Earlier?
This is an interesting one, reported on by Property Wire. The Law Society and its partners are looking at making “key information for home buyers and sellers available at a much earlier stage in the conveyancing process”.
If the pilot currently being rolled out proves to be successful, it means information normally sourced after conveyancers have been instructed will be available earlier in the process via the TA6 form. This is typically information relating to the property to be purchased, for example, parking arrangements, Japanese knotweed and flooding risks.
This could definitely change how things are done and makes a certain amount of sense, informing a potential buyer of the information they need to make an informed decision .
We’ll keep you updated as this progresses.
In the meantime, if you need help buying or selling, in the South West then please get in touch!
We’re here to help you get moving.