As we head into the height of summer, Steve Cook of Clarke Gammon Wellers assesses the flourishing property market.
There has also been a significant uplift in property sales since the end of national lockdown. The press has called this current property market a mini boom. We call it a maxi boom, as the activity from buyers has not been matched since 2007.
Mini booms occur when there is above average activity. Maxi booms happen when buyers are queuing up, we are experiencing multiple offers for many properties on the market, and sales regularly go to best and final offers, some exceeding the guide prices. This is what we are currently experiencing.
Since the general lockdown ended our phones have been practically ringing off the hook and the numbers of visitors to our website and social media pages have skyrocketed.
Many things have changed since the pandemic hit our lives. One of these changes is the attitude many of us have to how and where we live. A demand for more spacious and environmentally healthy living is driving the market, spurred on by a temporary reduction in stamp duty that has not only helped many second and third step buyers, but also has galvanised holiday home and buy-to-let purchasers.
Another change this summer is the government’s intent to simplify and speed up the planning process. The current system has been described as “complex and slow” by the housing minister. It is a view hard to argue against.
But shouldn’t the minister also be looking at the current snail-pace of the conveyancing process? This is causing completion delays of up to six months in some parts of the country. How can buyers and sellers plan properly with this much uncertainty? It is a lamentable situation in this digital age, and one worthy of any government’s urgent attention.
As we head into midsummer amidst all these changes, our phones are still ringing and there is no let up in demand. We don’t know how long this surge in demand for property will last, but for buyers and sellers right now it is a boom market. So our advice is; to change your room use this boom.