The property market has constantly changed throughout the coronavirus pandemic!
The property market has constantly changed throughout the coronavirus pandemic. After house prices soared in July, a property expert explained how homeowners can ensure they get the best price for their home. All property owners will want to sell their home quickly while ensuring they get the best fee possible.
The property market has gradually reopened as coronavirus lockdown measures continue to ease.
After facing uncertainty, the housing market could be experiencing some welcomed growth, according to Ross Counsell, Chartered Surveyor and Director at Good Move.
He explained: “Covid-19 has had a detrimental effect on the British economy, and this too included the property market.
“However, we are now seeing positive signs that signal growth in the property market as we re-emerge from lockdown.”
In July, house prices surged with increased demand and cuts on stamp duty which have been brought in until March 31, 2021.
The price freeze, announced by Rishi Sunak last month, applies to the first £500,000 of all property sales in England and Northern Ireland.
Ross continued: “We’ve seen asking prices increase in July, up 2.4 percent compared to March, which signals a ‘boom’ in the property market and is a fantastic sign for sellers and estate agents as they can expect higher offers for homes.
“Rishi Sunak’s stamp duty holiday also saw properties in London soar in sales by 27 percent in the weeks following the announcement in July, although this only increased by six percent in the rest of England.”
With the housing market looking promising, the expert explained it is good news for sellers.
How to boost property value?
In order to get the most out of the increased demand, homeowners should adapt to a change in buyer needs. The expert explained Britons are now looking for different things after the coronavirus lockdown.
Following the impact of Coronavirus, we predict buyers will be looking for homes with a garden and a home office space, in the suburbs and countryside for added outdoor space rather than in cities,” he added.
“Sellers on the other hand need to adapt to the change in buyer preference.”
Getting a good quality property survey could help homeowners market their home in the best way. This will also give them the opportunity to fix things that could drop the selling price.
All of the above information is from the BBC.com
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