YRPS Insight: Edition Eight - Flipbook - Page 35
PUTTING NORTHERN
PROPERTY ON THE MAP
Kim Harrison, Head of Residential Property, explains how the property
market across the Northern counties has evolved throughout 2020.
Kim, you gave us an update about the residential market
at the start of the year, but, across the country, what has
been going on since then?
It’s no secret that the housing market reflected the general
economy and was subdued following the EU referendum.
However, with a clear majority in the election, there was a
surge of confidence and activity across the board creating
opportunity for both buyers and sellers. COVID-19 then
hit, and the market closed, worrying time approached as
it was unclear how the housing market would be affected.
However whilst sitting in the kitchen working from home and
receiving a high level of online enquiries, it quickly became
apparent that activity was ready to take off, both in terms of
supply and demand, and that has amplified since the market
reopened in May.
Stock levels have since increased and sales have been
at a record high. Across the board, we are seeing as many
transactions in each month as we have seen in our best
months over the past few years. The demand is there, and
the market is market is very strong. Those that have been
considering selling their property have seen the demand as
an opportunity and have, generally, achieved guide price or
more.
Following the announcement of a second lockdown, we were
pleased to hear that Robert Jenrick, Secretary of State for
Housing, Communities & Local Government had confirmed
that the housing market would remain open for business.
As an industry, we have strict guidelines in place to ensure
that our clients and our team can continue with valuations,
viewings and appointments.
Tell us about the popular demands from buyers?
Pre COVID-19, we were seeing buyers that were moving north
for a lifestyle change and early retirement. Buyers were acting
quite spontaneously and bringing their life plans forward,
particularly for the more rural properties. Whilst the demand
for specific types of property hasn’t changed since COVID-19
hit, the buyer profile most certainly has. Northumberland,
County Durham and North Yorkshire have always been
desirable locations, but due to work opportunities, it hasn’t
been feasible as a permanent home. Now that businesses
have had to become open to their employees working from
home, there is a lot more flexibility. We are seeing a lot of
the younger generation moving back to where they grew up,
a lot earlier than we would usually expect, as they can work
remotely whilst enjoying the rural way of life.
Sellers are seeing that demand for buyers with city salaries, so
the stock is there. Key requirements expressed by buyers are
good internet speeds, a garden and outside space and space
for a home office. I would also say large houses, but mainly
those that have already been renovated and are efficient to
run. Buyers are putting all their capital into the move so don’t
always have the excess funds for projects.
Are these trends following suit across the counties?
They are, and there is always a strong demand for coastal
properties, but this has also been amplified, particularly for
second homes. We don’t know how long the ever-changing
travel restrictions will be in place and we’re all looking to
holiday in the UK. We are seeing more and more buyers
looking to invest in holiday homes or holiday lets.
that benefit from significant savings, then put those savings
towards deposits on larger properties. Whilst mortgages
aren’t as easy to acquire right now, the rates are very low
for those with the larger deposits; affordability is becoming
a lot easier.
Has COVID -19 caused any changes to property marketing?
Talk to us about the Stamp Duty holiday…
Definitely, the best agents are finding new ways to market
properties, particularly to introduce properties before a
buyer needs a physical viewing, but also there are new
portals and platforms becoming available to the public such
as Homesearch, which provides much more information of
local areas and demographics for both buyers and sellers.
These innovative platforms are likely to overtake some of the
more traditional portals in coming years. I also find that both
parties to the transaction appreciate and need the support
and advice that we as full-service agents provide during the
selling/purchase process.
I have to say, during the closure period, and whilst we were
working from home, we were still receiving a large volume
of enquiries about when viewings would be available. With
that in mind, I don’t think the Stamp Duty holiday was solely
responsible for the increase in activity in the market, but
I would say that it has sustained it. It has most definitely
accelerated the £500-700k market, as they are the sellers
Both buyers and sellers are intrigued by the changes to best
practice due to the pandemic. For example, what happens
with viewings? People are more curious to know about what
digital options are available, such as virtual tours. We have all
had to adapt, and buyers and sellers are looking out for that,
and rightly so. We now offer Matterport 360 tours, where
the buyer can tour the property in their own time, as well as
As I said earlier, Northumberland, County Durham and
North Yorkshire have always been a desirable locations, but
COVID-19 has made the prospect of owning a property in
these areas more feasible in terms of working from home.
further embracing the power of social media.
What opportunities are there for vendors now?
For sellers who have a 12-18-month plan, the time is now
to attract sensible buyers; anyone that is looking to buy
right now has done their due diligence and have made the
commitment to move. It is also a really good time for your
property to be seen; buyers know the market is busy and are
actively looking regularly. Especially for the upper end of the
market, all parties should be looking to take advantage of the
Stamp Duty holiday, and to do that, it is really important not
to delay.
What would you say to those vendors looking to come to
the market over the autumn months?
Always have a plan. Be prepared that, even if you’re just
dipping your toes in the water, you may sell really quickly.
The market is hot right now and people are generally selling
quicker than they thought.
Have you considered where you will live in the case that
your property sells quickly? It is extremely important to be
proceedable and a huge selling point to potential purchases,
who will want to move quickly.
Kim Harrison | kim.harrison@youngsrps.com.
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