Herefordshire Property Market Update November 2020

The UK and Local housing market has defied Covid lockdown and the economist views that the property market would slump because of this, however, its staggering to believe that since May 2020, the UK property market has blossomed. How can the property market be booming, when it appears the UK economy is struggling? 
National reports state that house prices have rissen the fastest since November 2015, Daily Express believe 2021 will see another property market Boom, other property reporters believe that the market will be like the famous Nike Swoosh! How has property been in such demand?

The stamp duty holiday until March 31st 2021 has certainly helped nudge buyers and sellers into making a decision on their next move, this has shown by the statistics in my previous reports on how busy the market has been, HOWEVER, we are not hitting a stumbling block in the market.
Prices are high, mortgage lenders are requiring higher deposits from all buyers, mortgage rates are increasing, Furlough pay is a concern for any lender and reports state 40% of agreed sales will not happen beofore the Stamp Duty Deadline, Does this mean the market has started to slow up?

Here are your statistics for November 2021

The reports across the county and agents are that the market is still excessively busy in sales compared to a 'Normal' November, which these statistics show. The only negative change year on year is the amount of available properties, which is expected considering sales for the year 2020 are above 2019. November 2019 saw the UK talking about Brexit still, we were probably in the midst of rumours of a health breakout and a normal Chirstmas was looming.

What is clear to see is that for the 2nd month in a row, Herefordshire has seen a decrease across all the statistics we monitor. This is expected considering we were in a second lockdown, the most obivous change is the amount of New properties to the market month on month, circa 50% down, could this be the sign the market is returning to a more 'normal' state, or is it that people are monitoring the global economic situation or more locally the lockdown and introduction of Tier 2 for Herefordshire.

One thing is for certain, prices remain high and demand remains high. In November we achieved 99% of asking price to sale price, showing the local market is still strong. The good agents in the county are all remaining positive and receiving many enquiries on the properties being marketed.

December will certainly be a strange month for many, we now have a shortage of properties to sell. If you are thinking of moving, please get in touch. We can create a bespoke moving planning for you. All our appointments are carried out in the safest possible way and in line with Government guidance to ensure we are all COVID secure.

Thanks for reading.

Nathan Jackman-Smith

PS. We run a 'DO NOT DISTURB CAMPAIGN'' over the holidays. This really is the best way to be 2021 Sale Ready.