Learn the latest property news this May

One in every 50 homes has been sold in 2021

 

 

The housing market has had its fair share of ups and downs over the past year. And yet, from what we've seen so far of 2021, there are some incredible successes to take note of.

 

Figures from Zoopla showcase that within the first 15 weeks of this year, £149 billion worth of homes were sold.

 

In comparison to the same periods for 2019 and 2020, this amounted to double the value typically recorded, and meant that between January 1st and April 15th, one in every 50 properties were sold.

 

To put this into perspective, in an average year, it would take until the end of June to see these kinds of results.

 

When schools reopened six weeks ago, we began to see a rise in property listings, which suggests that as the country's home-schooling plans came to an end, more households could focus on preparing for their next sale or purchase!

 

There is currently an imbalance between supply and demand, making it an ideal time to sell.

 

It’s worth noting that in the near term, the market for family homes – for example – will start to ease as homeowners become more comfortable with opening up their homes for viewing purposes.

 

Alongside this, the 95% mortgage guarantee scheme will play a prominent role in bringing in more demand from first-time buyers without having to replace supply.

 

Are you thinking about getting started on your property journey? Please do not hesitate to contact a member of our team today by visiting our website: www.cacia.co.uk

 

 

 

 

A third of UK households predicted to move this year

 

As restrictions start to ease, almost a third of UK households are making plans to change their living arrangements, following their lockdown experiences.

 

According to a new national survey of around 2,000 households, 31% are planning to move house following repetitive lockdowns and remote-working experiences.

 

With only around 5% of households typically moving house each year, the increase is staggering.

 

Has lockdown got you feeling like you want a change of surroundings?

 

The following were the top three reasons people felt as important to them when relocating home:

 

- 29% good standard of living

 

- 26% hybrid working environment

 

- 23% road networks and connectivity

 

 

Hybrid working options and lifestyle changes were the two obvious key elements driving the change in buyers' and sellers' behaviour.

 

However, the recent stamp duty holiday and desire to take advantage of significant property price increases in 2021 has also influenced decision making.

 

What are you waiting for? Start your search today and take a look at our stunning range of properties by visiting our website today: www.cacia.co.uk

 

 

 

*Property Reporter

  

Market boom leads to more sales and higher prices

 

The average UK property price has risen by 8.6%, which is roughly £20,000 in the past year. This is the highest annual rate since 2014 according to the Office for National Statistics.

 

Over the year, house prices in England increased to £268,000 (up by 8.7%), in Wales to £180,000 (up by 8.4%) and in Scotland to £162,000 (up by 8%).

 

The North West was the region that saw the highest annual growth in average house prices (11.9%), while London recorded the lowest positive growth (4.6%).

 

The figures reported by HM Revenue & Customs show that sales in March this year more than doubled from March in 2020.

 

It is estimated by HMRC that 190,980 sales took place in March 2021, a 202.3% increase in transactions compared with the previous year at 94,380.

 

Despite the tapering of the stamp duty holiday later this summer, it has been predicted within the sector that the high demand levels we're seeing will continue to propel activity and protect property prices.

 

The vaccine roll out and easing of lockdown restrictions have led to dramatic changes to consumer confidence within the UK, supporting this expectation for the housing market.

 

If you'd like to review your options buying or selling this year, talk to us today by visiting our website: www.cacia.co.uk

 

 

 

 

 

How much hidden equity is in your home?

 

It has been reported that almost half of homeowners are undervaluing their homes, including some cases where the properties were worth nearly £50,000 more than they realised.

 

Zoopla reports that only three in ten people have an accurate idea of how much their home is worth, with 45% undervaluing and 25% overvaluing.*

 

Nearly one in ten homeowners whose property was worth more than expected found that it was valued at over £100,000 more, with 40% located in the London and South-East regions.

 

This means that more than one million UK properties could be hiding six figures of hidden equity – unbeknown to the owners.

 

 

 

What benefits are there for homeowners?

 

It is reported that the benefits from hidden equity have meant:

 

- 81% could improve their lifestyle

- 50% were able to move to a better property

- 18% between 55-64 were able to retire sooner than expected

- 13% could upgrade their car

- 13% went on more holidays

- 8% were able to help get family and children on the property ladder

 

Seven out of ten homeowners would have made different financial decisions if they had been aware of their hidden equity.

 

What could this mean for you?

 

You may be in for a surprise if you check the current value of your home.

 

There are huge benefits to knowing how much your home is worth, particularly if you’re thinking of selling, as the value could influence the type of property or location you move to.

 

Gráinne Gilmore, head of research at Zoopla, explained: "the effects of the pandemic over the last 12 months have been felt in the housing market, with many households reassessing how and where they want to live.

 

"There is soaring buyer demand but this is not currently being matched by homes being listed for sale. Homeowners considering a move could be in pole position in their local market if they offer their property for sale, and could be set to unlock hidden equity."

 

If you’re looking to sell your property or would like to get a market appraisal, please contact us today by visiting our website: www.cacia.co.uk

 

*Zoopla’s Hidden Equity Survey is based on research among 2,000 UK homeowners who have had their home valued by an estate agent in the past three years.