We are continuing to see an active housing market as buyers rush to find homes in rural areas with gardens and workspace and sellers hurry to list their properties in order to take advantage of the stamp duty holiday.
Rightmove have reported an increase both in average asking prices and the number of deals being struck whilst Zoopla report that prices in the South West have risen 4% since May with the average property value now standing at £307,246.
Killens have seen strong interest from those seeking to relocate from London and the South East as well as from Bristol and we are readily agreeing property sales with interest for homes of all sorts and sizes. The stamp duty has stimulated demand but more homes have come to the market helping balance supply and demand.
The Royal Institution of Chartered Surveyors, the ultimate property trade body, undertook a poll of its members, including Killens, and this confirmed that new buyer enquiries, instructions to sell properties and agreed sales all rose sharply in July with the stamp duty holiday playing a big role. While there is optimism about the level of sales and house price growth over the next three months, there is caution about the medium term outlook with concerns over a possible resurgence of Covid-19, the impacts of job losses and the ending of government support measures.
Sally Killen, who oversees the property agency teams at Killens, believes the market will continue to be busy in the short term but doubts there will be significant house price growth. “In Somerset, we are in an area in demand and we desperately need homes to sell to satisfy the requirements of buyers but we expect the market to remain price sensitive over the rest of this year and the early part of next as uncertainties remain” she adds.