A brief update on the property market
The property industry has changed considerably since COVID-19; there is an increase of properties coming to the market, with a high level of properties being sale agreed and the stamp duty holiday has played a large part in why homeowners are motivated to get moving. This combined with the influx of buyers is why we are experiencing such a buoyant market, but on the other hand, lenders are currently under great strain and the majority of lenders are changing their criteria for buyers daily, meaning those with lower deposits, the self-employed and those that have been on furlough are finding it increasingly more difficult to secure a mortgage.
The lettings market is also extremely busy, and tenants are eager to get moving sooner rather than later. We are finding that whether it is a 1-bedroom flat or a 4-bedroom detached house, there are plenty of enquiries and tenants looking for a new property. Tenants do also appear to be looking for a more long-term home and this could be as a result of lenders making it harder for first time buyers to secure the right mortgage.
If you are a seller, buyer, landlord or tenant and would like any advice, feel free to contact our friendly team on 01803 367191.