Are you looking to sell your home?

Mark Keane from Keane & Parker talks us through the current market and what they are experiencing.

There has been much talk in the press over the last 12 months about how house prices have risen sharply in the wake of the pandemic, but what has caused this and why has it had such a great impact on the market?

Working as an estate agent for some 23 years in Plymouth and the South Hams, I have experienced changing market conditions before, but this feels very different. A short supply of property coming onto the market will always play a role in value change, but it’s good to understand why this has happened and what may alter this in the long term.

Mark Keane

For many sellers, finding a buyer has been the easy part, but securing an onward purchase has been far more challenging causing long delays in chains and frustratingly in some cases, sales collapsing due to the uncertainty.

The pandemic encouraged us to take stock and revaluate what we have and the homes we live in. Many homeowners invested heavily in refurbishing their existing properties, creating extensions and garden offices for home working.

Due to the there being fewer transactions in the early part of 2020, then coupled with the stamp duty holiday and mortgage lenders easing up on lending criteria, demand simply increased to its highest levels we have ever experienced, on stock levels that were simply at an all-time low.

Adding to these unique set of circumstances, the West Country, which has always been a favourite place for retirees, has then become a destination for professionals and families looking to move to a more rural environment whilst taking advantage of flexible work arrangements. ‘Working from home’ is now commonplace despite nearly all restrictions being lifted across the country, and it looks as though it will stay present in modern living. Why would you want to commute when you can simply go about your normal day-to-day job from the comfort of your home? This self-reflecting behaviour has certainly driven demand on larger houses in semi-rural and rural locations, with buyers relocating from areas that traditionally had a higher average price maximising on the market.

We are still experiencing demand for quality family homes across the price spectrum. My advice is that if you are a homeowner and thinking of moving, then now is the right time to go on the market and get yourself into a position to buy, which will enable you to compete with those who can already proceed.

In essence, low stock levels have become a self-perpetuating problem. Less stock means less of an incentive to list your home, and therefore greater demand on the houses that are available. By holding off marketing your home, it continues to exaggerate the exact issue you experience when looking to buy.

At Keane & Parker, we simply recommend that the best thing to do is to get you house on the market if you are serious about wanting to move. We offer free market appraisals, and a range of services that can get you moved into your next home from a full package with videos, to one-off private viewings. If you would like me to visit your home, then get in touch by…

Calling:
01752 922001

Emailing:
mark@keaneandparker.co.uk

Written by Mark Keane
Owner & Founder

Contact us to book Mark
in to value your home