Property section.qxp_Layout 1 20/05/2021 13:12 Page 74
Review of the property market
PROPERTY
House prices continue to surge with a shortage of homes to buy. Sally Killen looks at the housing market. THE continued strength in the housing market has been well publicised with house prices having risen at the highest rate since August 2007 and the average house price in the UK hitting £256,000 in March, according to official figures, which is £24,000 higher than in the same month in 2020. It seems that a perfect storm of factors have come into play in strengthening the market. Brexit uncertainty had led to supressed demand since 2016 which was unleashed with a deal having been done at a time when the lockdown forced many to reassess their lifestyles and where they wanted to live. The stamp duty holiday has helped fan demand encouraging buyers to seek a property. During the spring, all agents have seen a desperate shortage of properties coming to the market and both the sales and letting markets have been brutal for buyers or prospective tenants with properties quickly snapped up with many being sold or let before actually coming to the market. As supply picks up, however, and demand settles then values may stabilise but it is certainly a good time to sell. Those seeking to buy certainly need to ensure that they are in a strong proceedable position in order to be in with a chance of buying their dream home. Many ask whether the housing market will become overheated and crash but, in spite of the press promoting this as a
possibility, most pundits are of the opinion that this is unlikely as the provision of new houses remains constrained, mortgage availability is improving and the economy recovers. At Killens, we have potential buyers desperate to buy and if you are considering selling, contact us for a free appraisal of your home. We offer a bespoke, proactive and personal service utilising all the tools of marketing and we will be delighted to assist.
This three-bedroom cottage at East Harptree is on the market with Killens for £425,000
MENDIP TIMES • JUNE 2021 • PAGE 61
