Latest News: What’s Happening in the Property Market September 2020

Tue 22 Sep 2020

It’s fair to say that COVID 19 still dominates all the headlines, and not just the property ones.

It’s clear that whatever is happening on the politics and economics side of things will continue to have an impact one way or another on the housing market.

What is certain though is that the property sector is interesting and always presents opportunities!

Here at Langford Rae Property Agents in Chelsfield, we are seeing large numbers of people wanting to move, particularly to properties with a garden. And, we know that when priced correctly, a nice home will attract offers fairly quickly after hitting the market.

If you’re looking to move, simply give us a call on 01689862770 to start the conversation.

Now, here’s a pocket-sized roundup of the highlights from us covering what’s been happening in the housing market recently.  If you want to know more about the local market for Chelsfield, Orpington and surrounding villages, drop us an email at chelsfield@langford-rae.co.uk.

House Prices on the Up

House prices rocketed in the initial weeks after lockdown restrictions were eased. That’s the verdict of Russell Galley, the managing director at Halifax. Writing in the Halifax House Price Index, Galley said that analysis showed that during August, prices “rose sharply”, up by 1.6 per cent on a monthly basis, and up a whopping 5.2 per cent on the same time last year.

This is an interesting one because we all expected prices to do something after being unlocked from the enforced pause, but the increase is way ahead of expectation. There is definitely demand there though, so if you are considering a move, do speak with us about putting your property on the market.

The Price is Right

New research from Rightmove shows that to get your house moving quickly, you need to price it right – from the start. Research by the property website showed that “sellers are twice as likely to find a buyer if they have an offer accepted on the initial asking price”.

What this means is that you must set the price right from the beginning, not inflate it to try and squeeze a few more pounds. While we’re in the business of selling properties, we want to help you sell your house for the asking price and we will always give you an honest appraisal of what it is worth.

To find out how much your property might be valued at, give us a call on 01689862770.

Increase in First-Timers Looking at Buy To Rent Properties

It’s being reported that more and more first-time buyers are looking to enter the buy-to-let market. The Legal & General Mortgage Club says that it carried out research into its own SmartrCriteria tool, which advisors use to show which lenders will lend to buyers. It showed an 18 per cent increase in “search combination for first-time buyer, first-time landlord and non-owner occupier”.

Interestingly, and perhaps again driven by the staycation nature of holidays this year, short-term holiday lets and Air BnB properties also ranked highly in search criteria. It’s fascinating to see how search terms change, and that savvy investors are finding opportunities.

Langford Rae Property Agents have a number properties which we think would be ideal for this purpose, so if you’re looking to get on the buy-to-let trend, call us on 01689862770.

 Garden Appeal

There’s an interesting footnote on the price increases since the initial lockdown restrictions were lifted. It’s all about gardens and how attractive they are to homebuyers. While there has been an increase in prices, it’s noticeable that if you have a garden, your property is more likely to catch the eye of a potential buyer according to RICS Royal Institution of Chartered Surveyors.

Why? Well, we think it is because many people are still having to spend time at home, whether working from home or having a staycation. Therefore, if you have a property with a good-sized garden, it’s currently a huge selling point.

Our team love to scour the news headlines about property, and are delighted to bring you our property market updates. If you are thinking of buying or selling, please get in touch with us on 01689862770 or chelsfield@langford-rae.co.uk for expert home moving advice in Chelsfield