A positive outlook for the local housing market Posted on 30th June 2021 at 14:50
What a wonderful six month’s it has been for our business and the housing market, all three of our sales offices have recorded record sales, with buyers taking advantage of the Stamp duty relief up to £500,000 which is now reduced to £250,000 until the end of September.
A lack of property available to buy has also had a positive effect on the rental market, with many potential buyers opting to rent to put themselves in the strongest possible position when a suitable property comes available to buy.
The strongest demand remains for family homes between the £350,000-£500,000 price bracket. Whilst there has also been a marked increase in sales with a value in excess of £800,000. We recently agreed sales on 2 properties over £1,000,000 in just one week.
As we enter the second half of the year data experts report that demand is up by 28.6% and supply is down 20.8% (Source Dataloft, Zoopla, Nationwide), creating a high demand short supply scenario.
North Somerset remains a popular destination for buyers from Bristol, with the Chew Valley, Wrington Vale and Backwell continuing to be the hot spots, due to their excellent primary and secondary schools, whilst areas such as Uphill, Blagdon, Shipham and Axbridge are ever growing in popularity.
So, what can we expect in the second half of this year?
With the increased ability for buyers to work from home in this changing climate, and therefore maybe enjoying a better live/work balance, we fully expect our marketplace to remain buoyant. Often country properties have larger gardens than the City can offer, great transport links to the nearby Cities of Bristol, Bath and Wells, glorious Mendip Hills, beautiful coastline, and the great outdoors literally on your doorstep.
What more could you want?………