Make the most of your city garden
The price of property coming to the market rose another 2.3% (+£7,785) in February, so don’t expect lowering property worth anytime soon. The biggest monthly jump in twenty years took the price of the average UK home to £348, 804, which has prompted a lot of people to turn to renting instead of splashing out on ever-increasing deposits and mortgage rates – the cost of buying is 9.5% higher than this time last year.
Tougher legislation for landlords also has to be taken into consideration this year, with the new rules making a lot of investors heavily debate whether selling their houses and apartments is better and less stressful than managing them. As the cost of the property ladder rises, though, the price of rental properties is also predicted to up nationwide, so this is one reason for landlords sticking with their buy-to-let properties.
Another, is that more and more people are returning to work in the office as opposed to at home, meaning that workers who left the city or don’t live close to the office will now have to commute unless they relocate. Given the growing appeal of the rental market, a lot of these people – especially young professionals – will be more than happy to rent as they look to regain their independence after moving back home in 2021 or the year before, meaning more business for landlords.
This next section will come as pleasant reading for those looking to buy. Rightmove’s Tim Bannister, who is their Director of Property Data, states “new property listings are up 11% compared to the same period last year, suggesting more sellers are coming to market before looking for a property to purchase, to avoid missing out on their next home.”
To back up this information, it was also recorded that the number of people requesting home valuations from estate agents rose by the same figure in January. It is therefore evident that stock levels are to increase imminently. Not to pre-pandemic levels, but probably similar to what we saw when the stamp duty holiday was coming to an end.
Are you an owner looking to buy or sell your home? Maybe you’re a tenant or a landlord looking for a new property? Contact your local John Shepherd team today and let our property professionals take care of your every need.