June has passed us by in the blink of an eye and was another extremely busy and buoyant month for estate agents across the UK, including ourselves here at Milne Moser.
It’s not just the temperature that’s soaring in the summer months, as official figures for UK house prices showing that the rate of increase is the fastest for more than a decade, despite talk of any financial crisis or economic downturn because of the coronavirus pandemic.
The reason why? The same story as we’ve seen over recent months: buyers are wanting more space.
A recent study carried out by Zoopla showed that (51%) of homeowners felt their properties no longer met their needs.
If the lockdown restrictions and homeworking because of COVID-19 have taught us anything, it’s that it’s very easy to get on top of one another within your home environment, and a little extra space would be a decided benefit for everyone.
Homeworking has also had a huge impact on the way that people live in their homes with nearly a quarter of people (23%) taking part in Zoopla’s survey listing the need for dedicated space for a home office as one the issues in their current property.
If you’re looking to buy then, unfortunately, we are in still in a position where supply does not meet the demand. This isn’t just here in the South Lakes and north Lancashire – industry media is reporting estate agents across the country commenting on there being fewer properties coming on to the market and, typically, these receiving multiple genuine offers.
It’s not necessarily bad news for buyers, but you might just need to be a little bit more patient in finding your dream home.
Obviously, this is great news for anyone looking to sell their home and this is undoubtedly a great opportunity to list your property and make the most of the increase in house prices.
What many homeowners may find surprising is the current value of their property. In a separate article by Zoopla, a ‘hidden equity’ survey reports findings that 45% of us across the UK are undervaluing our properties with the figure here in the North West being around £10,000 less than the true market value.
On the whole, buyers are very aware of the lack of supply (after all, they have been there themselves) and are more than happy to wait for a seller to find their next property, and just simply securing the sale is usually all the reassurance they need to know that their move is in progress.
The market may be heightened right now and there does seem to be concern that the market will ‘drop off’ when the stamp duty holiday finishes at the end of July, but we have been here before – people will always have a need to buy and sell houses, despite the current financial climate. Families grow, life events change circumstances, sellers unfortunately pass away or look to downsize – all factors that can trigger a house sale.
If I have one message for buyers in the current market is don’t be disheartened – the right property will come to the market and, sometimes, it’s just a case of being patient.
Paige McNaughton
MNAEA/MARLA
Sales Manager
Article References:
More than half of homeowners live in homes that fail to meet their needs
Zoopla, June 2021
https://www.zoopla.co.uk/discover/property-news/more-than-half-of-homeowners-live-in-homes-that-fail-to-meet-their-needs/
How much hidden equity is in your home?
Zoopla, April 2021
https://www.zoopla.co.uk/discover/property-news/how-much-is-my-house-worth-hidden-equity/
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