Property Market Mini-Boom
10 August 2020
In this 2-minute read we give you a behind-the-scenes look at internal data, paired with regional statistics, to provide an overview of the current property market in Worthing.
The impact of lockdown
Whilst local estate agents did what they could to keep our property market moving, very few people were willing to buy homes from a virtual viewing. The sales market ground almost to a halt, with only 7.5% of properties agreeing sales in April when compared to the previous 3 months*.
But it wasn’t all doom and gloom.
The lettings market remained steady, with tenants virtually viewing and agreeing to let properties at similar levels to preceding months. Lettings enquiries continued to come and business continued, almost, as normal for landlords.
Post-lockdown mini-boom
Depending on what you read, the media will tell you different things. It’s difficult to recognise whether house prices in your area are up, down or steady and whether there is good demand for property to buy or let.
You’ll see, in the tables adjacent, internal statistics relveant only to Jacobs Steel. As a market leading agent in Worthing, this data is comprehensive enough that you can gauge how your local property market is performing – and it’s great news.
Whilst COVID is still in existence and probably will be for some time, this data tells us that Worthing homemovers are more confident now than they were in January, That means that now is a good time to buy, sell or rent out your property.
So what does all this activity mean for house prices?
Typically, increased demand for property is followed in close succession by the increase in property prices.
Rightmove’s July 2020 House Price Index recorded a regional (South East) increase of 2.4% since March and an annual increase of 2.2%; whilst the portal’s Rental Price Tracker has recorded an increase of 2.3% in quarter 2 of 2020, compared to quarter 1.
This data is backed up by our internal reports, which show a 2.5% increase in sold house prices in July this year, when compared to the same period in 2019.
The stamp duty holiday
The UK government announced on 8th July that there would be
0% stamp duty on purchases up to £500,000
, which can mean huge savings of up to £15,000.
Usually, when buying a property, stamp duty land tax will be payable on all properties – unless you are a first time buyer, in which case it is usually only payable on properties over £300,000. However, the holiday applies to all; with some variation for second property purchases and buy to lets.
The stamp duty holiday ends on March 31st 2021.
What could you buy for your new home with £15,000?
More ways and more locations to find property, with Jacobs Steel…
