Current Trends In Housing Market
At Atkinson Residential, we want you to make informed decisions regarding the housing market. We work closely with local buyers and vendors, but we also stay in touch with findings from noted names and trusted sources.
Zoopla’s head of research, Gráinne Gilmore, has highlighted many of the current trends in the property market.
Did the third lockdown impact the housing market?
When asked about the impact the third national lockdown had on the housing market, Gráinne responded;
“The third lockdown is exacerbating a supply/demand imbalance in housing. Buyer demand continues to gather pace. But it is more than the stamp duty deadline motivating movers. While early January is typically one of the busiest times for new buyers, this year’s activity is compounded by the impact of the pandemic. Successive lockdowns and restrictions mean that people have been spending more time at home, and this is making some homeowners reassess the space and location of their home. It has been the catalyst for a lot of movement.”
Gráinne continued by saying; “At the same time, high numbers of Covid-19 cases and calls to uphold social distancing have prompted some sellers to press pause on opening their homes for viewings and listing their property for sale at present. If sellers remain cautious and the supply of homes for sale scarce, the choice for buyers will be limited, which will continue to put upward pressure on prices. We expect the sellers currently putting sales on hold to continue with their sale as Covid-19 case numbers start to fall sharply or we move back to regional tier-based restrictions.”
What is happening in the London housing market?
There has been a fall in the supply of homes in many parts of the country, but this hasn’t been then case in London. There has been a lot of focus on people looking to leave the capital, and it appears as though the number of listings in London supports this theory.
It is something we have experienced, but equally, the position of Enfield offers the best of both worlds. While we appreciate some homeowners are keen to move to a more rural setting, we have seen heightened interest from people currently in Inner London areas.
Gráinne said; “We’ve seen a rise in the supply of homes for sale in London. This is likely driven by some flat-owners looking to move into more spacious homes or move further out of the city. Also, there could be some rental properties being sold as landlords keep an eye on any potential tax changes around capital gains tax (CGT) for investors. These have not been announced or signalled by Chancellor Rishi Sunak, but the Office of Tax Simplification has recommended to Sunak that the rules should change. This could create more choice for buyers. Yet, even with this rise in supply in London, prices are continuing to climb, up 3.1% in 2020.”
If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinson Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.