Latest News: What’s Happening in the UK Property Market August 2020

 August 2020 Property Market Update

Well, it’s been an interesting few weeks for the UK property market with, unsurprisingly, the coronavirus pandemic dominating the sector.

But don’t think it’s all bad news, because it really isn’t. We at Richardsons Estates have seen a lot of activity in the North Tyneside area just recently, with asking prices and sold prices at a good level too. There is certainly demand, and it’s fair to say that the Chancellor’s Stamp Duty holiday has prompted more and more people to look at making a move.

It’ll be interesting to see what happens when that holiday comes to an end, but for the time being, the team at Richardsons Estates are certainly being kept busy!

Here’s a handy roundup of the highlights from us that covers what’s been happening in the housing market recently. (If you want to know more about the local market, drop us an email at enquiries@richardsons-estates.co.uk

Escape From the City

It seems as though the shift to home working for many people has also led to a shift in thinking about where folks want to actually live. Latest figures from Rightmove show that estate agents right across the country have seen a huge increase in people wanting to relocate to villages.

Significantly, Rightmove’s statistics highlight that 54 per cent of Londoners looking to move were thinking about leaving the bright lights of the city behind them. Last year, that figure was 45 per cent.

This could be good news for you if you’re wanting to relocate as potential buyers could be eyeing up your neck of the woods. If you’re thinking of selling up and want to take advantage of this shift, get in touch, we’ll be happy to help you. You can reach us by telephone on 0191 290 3770 or email us at enquiries@richardsons-estates.co.uk.

Mini-boom and House Prices Rise

After lockdown lows, it’s been great to see a mini-boom in the property sector in July and August. We spoke a little bit about this in last month’s newsletter, and the stats further back this idea of a “mini boom”.  Also, statistics in the Halifax House Price Index show that in July, house prices were up 1.6 per cent on June’s figures.

Looking at the HMRC Monthly property transactions data, it seems that sales rose quite sharply in June, which saw 63,250 transactions. It’s great to see the activity levels but it’s not a totally unsurprising rise because quite a few transactions had been on hold, and so there was a lot of pent up activity just waiting for the go ahead.

The other thing to think about with this is that the 63,250 figure is down on the year before. It’s worth bearing this in mind, but we shouldn’t dwell too much as the latest figures are a real positive for this year in particular.

New Homes Giant Positive Outlook

It’s been reported that “Britain’s biggest house builder” Persimmon has seen profits nosedive, but it remains positive anyway. For the property market, that’s to be welcomed, and here’s why.

It’s obvious that lockdown hit sales and construction work – and that goes for everyone. But Persimmon, which saw pre-tax profits drop to “just” £292.4m, says that by the end of June, it’s build rate was back up to normal levels. So much so, it could in fact pay a dividend to shareholders, and is able to forecast a strong performance on the horizon later in the year.

The market needs this positive outlook as it certainly has a knock-on effect, keeping things moving, and, as a home buyer in North Shields this could be good news for you.

Good News ‘In-deed’ for Electronic Ways of Working

When you’re moving home, it’s often said that it can be a stressful period of your life. It can be a worrying time and fiddly keeping on top of paperwork and making sure things are on track.

But, it seems that the coronavirus pandemic has helped to improve things when it comes to conveyancing. Back in July, HM Land Registry (HMLR) let it be known that because of lockdown and social distancing rules, it would accept electronically-signed deeds that have been witnessed.

And now, HMLR has seen the first deeds of this type being submitted. This is a great step forward, particularly in these times, but looking ahead should lead to the transaction process being made quicker. For you as a homebuyer or a vendor, it’s welcome news.

STOP PRESS: Delayed Ending of Eviction Ban

At the eleventh hour, the government has made the decision to delay the ending of the evictions ban until 20th September.

In a move that sees tenants being given greater protection from eviction over the coming winter months, landlords will now be obliged to provide tenants with six months’ notice. Cases raising serious issues such as domestic abuse and anti-social behaviour will be the exception.

The news was announced by Housing Secretary Robert Jenrick MP who said:

“I know this year has been challenging and all of us are still living with the effects of COVID-19. That is why today I am announcing a further 4 week ban on evictions, meaning no renters will have been evicted for 6 months.

“I am also increasing protections for renters – 6 month notice periods must be given to tenants, supporting renters over winter.

“However, it is right that the most egregious cases, for example those involving anti-social behaviour or domestic abuse perpetrators, begin to be heard in court again; and so when courts reopen, landlords will once again be able to progress these priority cases.”

We at Richardsons Estates are delighted to bring you monthly property market updates. If you are thinking of buying or selling, please get in touch with us on 0191 290 3770 or enquiries@richardsons-estates.co.uk for home moving advice.