housing market trends 2020

Vaccine is a Shot in the Arm to Housing Market

For those expecting a lull in the housing market over the festive season, a healthy dose of positivity from the likely Coronavirus vaccine developed by Pfizer has provided a positive injection of hope over the coming months, which has been reflected in the remaining housing market trends 2020.

With the focus on a vaccine potentially coming to availability within the next few months, a fresh impetus has been given to homebuyers and sellers in taking last-minute advantages of the stamp duty holiday deadline at the end of March by completing their transactions at a quicker pace.

Working against the Delays

With many people aware of the current state of mortgage arrangements, surveying, conveyancing and searching experiencing delays due to the unforeseen post lockdown uplift, meeting the deadline is seen as delicate timing even if agreements are done within the next few weeks.

However, low ball offer acceptances are expecting to see a decrease from sellers due to the likelihood of a vaccine in the near future, expecting to stiffen their resolve and giving agents a challenging period.

Against the Previous Months

Over the summer period, the country experienced a post lockdown pent up demand which, mixed with the stamp duty concession, produced a stronger sales season.

When October’s announcement of a second lockdown was implemented and further restrictions put in place, buyer demand and activity saw a downward trajectory. However, this did not affect any pre-agreed sales or withdrawals from transactions, or renegotiation on any burgeoning sales.

Projection

The potential for a vaccine may or may not affect the current trends, with speculation on both being left open enough.

Regardless of the vaccine, the demand for people who have experienced much enclosure in their premises in 2020 to be able to secure a more satisfactory home has remained consistent. The demand for more outdoor space and rural areas away from packed city living has continued to grow. The country house market and planned development of more country centric properties are continuing to see an ascent in activity, which has also played into the increase of house purchases over traditional flat sales.

With interet high in buyers wanting to buy property in Stockport due to its propensity for spacious surroundings, estate agents Stockport continue to see sales stability over those in busy manchester city settings.

For those looking to receive professional buying a property advice during the road to a successful vaccine, contact the team at Joules Estate Agents to stay on top of the market and ahead of the crowds with housing market trends 2020.

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are house prices rising

Housing Prices Fly High, But Will It Last?

The end of October was at an impressive percentage above their previous level a year prior for house prices, with a 7.5% rise. However, could this be soon to change?

Many people are asking, are house prices rising? In October alone, houses raised a percentage of 0.3 with the quarter of August-October presenting a 4.0% rise over the three months prior. This means that on average, house prices in the UK are over a quarter-million pounds for the first time in history at £250,547.

Imminent Change?

Recent comments from industry insiders have predicted that the peak on house sales in the UK has now seen its peak and the market will begin its slowing from here on in.

Underlying the current pace of price growth in the market is undoubtedly the 5.3% gain over the recent months which has been the best figure since 2006. However, there has been a considerably slower month-on-month price growth down to 0.3% in comparison to September’s percentage of 1.5. High levels of demand and home-buyer mortgage approval at its highest levels since 2007 has underpinned the level of price inflation, with the spring and summer lockdown still charging up the pent up demand for more spacious homes. The Chancellor’s stamp duty waiver for properties up to £500k also played into the overall results.

Whilst these areas of play have undoubtedly led to this dramatic increase and delay the downtown in the marketplace, they are set to see a slowing in the autumn and winter months and the changing landscape of the UK over the coming months and 2021.

Changes Starting to Show

Viewings and offers have begun to lower than that of two months ago, but that does not affect the quality of enquiries which is standing strong in the face of wider economic clouding.

Fewer withdrawals of offers or listings have provided the housing market with stability over the remainder of 2020, unless the current stamp duty holiday deadline has an extension. With the current stringent lockdown restrictions now in place, the heightened demand and sentiment from consumers throughout the property market is keeping it strong and providing unseasonably high levels of enquiries and transactions.

With a desire to move people into their forever homes by Christmas, estate agents Stockport are working diligently to meet the current demands and provide more and more happy homes for buyers before the end of the stamp duty deadline, but it is a close deadline when it’s been difficult to tell are house prices rising.

For up to the minute guidance on and action in how to sell a house and buying a property advice, talk to the team at Joules to discover the perfect home view from the team in yellow and blue.

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Hard Times for First Times

If you were given three guesses on how 2020 would turn out, chances are you would get all three of them wrong.

With many people looking to see the turn of this decade open up new opportunities and secured futures, every single plan we had has taken a back seat to adaptation. The housing market has been on an incredible rollercoaster from dire lows to unforeseen record highs and landing at some bizarre uncertainties in between.

Currently, the hardest group facing the most challenge in this year’s third quarter are the first time buying crowd.

Mortgage Upheaval

Securing a mortgage from a lender seems to be an ever-increasing uphill battle with around 35% of applications by first-time buyers being rejected on the first attempt and a further 10% rejected more than once.

The most highlighted reason for rejection has been for the self-employed or contract workers, with a quarter of them deciding to give up their self employed status in order to better secure a mortgage. However, other findings are that loan deposit size and low salaries play a factor in rejections also in attempts to buy property in Stockport.

Credit Issues

A quarter of FTBs have faced worry over their credit history and many actively search for avenues to be able to increase their score to an acceptable level.

Significant numbers of FTBs are left with the handicap of large credit issues such as payday loan and collection agency records, and a further per cent dealing with past County Court Judgments working against their favour.

Close to three-quarters of first-time buyers are viewing their purchase of a first home as totally unachievable during this time.

Daunting Process

A lot of First Time Buyers are also finding the process of applying for a mortgage one of the most daunting and confusing tasks at hand.

Stress for these buyers is at very high levels with all of the factors mentioned as well as actually waiting to see if the mortgage is accepted. Having a mortgage be rejected can totally deflate the enthusiasm for buying a home and the dream of owning that first property.

Optimism

There is a broadening of options over the past decade for first-time buyers and those self-employed.

Specialist lenders have been on the growth that has the ability to deal with more complicated applications and widening the availability for credit issue parties to be able to navigate through the barriers in place of them buying a home.

Today’s first-time buyers crowd comes from a wider diversity with differing levels of financial backgrounds all finding the process confusing and overly complicated, especially in light of the pandemic.

For those first-time buyers looking for advice, talk with the team at Joules, the number one independent estate agents Stockport.

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Lockdown 2 Not Shutting Down the Housing Market

Those fearing the second national lockdown within the housing sector have had the reassuring news that the housing market remains open during the four-week procedure until December 2nd.

With a tweet direct from the Ministry of Housing, Communities and Local Government confirming the news on Saturday evening a few hours after Boris Johnson’s lockdown announcement, Housing Secretary Robert Jenrick let it be known that the housing market would remain open throughout the period with everyone continuing to reduce the spread of the virus by complying with current guidelines in place.

Guidelines

Initially issued in August, guidelines for those searching and moving into new properties during the pandemic differs due to the modifications of working between individual property agents, conveyancers and other professionals in the industry to reduce risk of Covid-19. These areas have included virtual viewings for some parties to vacate current properties during viewings to ensure a fully sanitised and secure property prior to moving in new parties.

Aspects of care are encouraged to provide flexibility in delays within the house move should any parties suffer effects of Covid-19 or requirements to self isolate, as well as positions where home moves require a pause locally or nationally in order to manage spread of the virus. When entering into a contract that is legally binding, it is essential to cover possible implications from Covid-19 with a legal representative to make provisions as moving into any property where there has been self-isolation or positive tests for Covid have been in effect.

Letting agents, landlords and those renting properties have been advised to follow government guidance on renting within the coronavirus period where it pertains to possession proceedings, repairs and health and safety measures.

Buyers Can Resume

For prospective buyers and tenants, they are free to continue with their plans to buy property in Stockport but with the process of searching and moving differently depending on the agent’s precautions in place.

When visiting an estate agent’s office or indeed viewing a property, a suitable face covering is required unless they are exempt from this requirement. This should be confirmed with the agent prior to any arrival at office or property. Additional measures may be in effect with individual agents so it is required to find out if any extra precautions are in effect prior to any meeting.

Physical viewings where buyers are entering a property should not breach 2 households within the property at any time, which includes the agent accompanying any party. Anyone in a support bubble with either household does count as a part of that household however.

If buyers from 2 separate properties wish to view a property together, it is advised that it is done individually with either party waiting outside while the other is inside. This adheres to social distancing measures and allows for equal viewing. Viewings are in effect by appointment only and open house viewings are currently not taking place.

Additional Requirements in Place

Whilst the ability to continue with house hunting and viewings are a relief to many, there are still precautions to undertake within the process to ensure it can remain that way.

Avoiding touching surfaces and ensuring that hands are washed and sanitized when entering a property is very much still in effect to ensure a safe environment. If you are selling a home it is required that you open all internal doors, clean all surfaces and door handles between each viewing with standard household cleaning products and have face coverings as standard. You should also vacate your property whilst the viewing is taking place and maintain social distancing at all times.

With all that in mind, any and all packaging and moving between properties should be done by yourselves as much as possible, whereas if removal firms are required it is required to speak about the measures in place with the firm to ensure a safe and secure transfer between properties is undertaken.

For more information on how estate agents Stockport are leading the charge on security and safety with buying a property advice, contact the team at Joules. Keep up to date with the latest housing market news by following us on Facebook.

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