Property Market Update: What’s Been Happening In The UK Property Market – October 2021

Welcome to our round-up of some of the property news stories that have caught our eye this past month.

Don’t forget, if you need to know about property in Cornwall we’re more than happy to help.

Call us Sales 01326 211511 or Lettings 01326331812 or email us at info@llcoproperty.com / lettings@llcoproperty.com

Prices Remain Strong

The average price of a house is still on the up, according to analysis of the figures by Halifax.

Looking at all the stats, the bank noted that through September the average UK property price is now priced at a record £267,587. What’s more, annual house price inflation is up to 7.4 per cent, from 7.2 per cent.

This is interesting because the Stamp Duty deadlines have passed, and so it is good to see prices still buoyed.

The slight fly in the ointment might be the fact that the Bank of England figures show the number of mortgages approved to finance house purchases fell in August 2021 by one per cent.

Perhaps there is a slight softening of the market overall.

Here in Cornwall, we are still selling properties for, or above, the asking price. What’s more, it is only taking days for some properties to sell, and just hours for properties to rent out.

If you’ve been thinking about doing something with your property, now is still a good time.

Overall though, supply is still down.

An ongoing issue in the property market has been further highlighted in a report that looks at key trends in the sector.

Landmark Information Group’s Property Trends Report shows that for a fifth consecutive month, there has been a low number of properties coming to the market. Demand, as they say, is outstripping supply.

There could be a number of reasons for this, but we would say that if you really want to sell, get your property on the market now. There will be interested parties lining up to look around and any one of those could be a potential buyer.

Why not take a look at what we have currently listed on our website.

Negotiating Confidence

Around 64 per cent of UK homebuyers and renters say they feel confident negotiating over property prices, reports PropertyWire. But six in 10 admit “the biggest challenge is timing and knowing when to negotiate”.

It’s an interesting one. On the one hand, people say they are confident but actually, they don’t really know when to negotiate.

It’s what one might call a paradox. But, there’s a way through. Use an estate agent who can use their knowledge and expertise to negotiate at the right time.

We can do that for you! We know the local property market inside out and so are able to take action when we need to.

Going Green Paying Off

Have you installed eco-friendly systems in your home? If you haven’t, you could be missing out.
This has been written about by many, including Property Reporter, which says that property website Rightmove has looked at house prices and Energy Performance Certificates.

It’s been reported that people who have “upgraded their rating from an F to a C, are adding an average of 16% to the price achieved for their home”.

That’s a huge jump, but before you do anything, have a look at the costs involved and the efficiencies made. You’ve got to make sure the figures work for you. If you need any advice on this, give us a call on 01326331812.

Of course if you are looking to let your property then the minimum EPC requirement is currently a minimum of an E. If you are looking at changing your heating then you should take professional advice before work starts as different heating systems have different effects on your EPC. You can check your EPC rating here.

If you need any advice on this, give us a call on 01326331812.

Lewis Haughton Wills are your local property experts for Cornwall. Contact our Sales team on 01326 211511 / info@llcoproperty.com or our Lettings team on 01326331812 / lettings@llcoproperty.com to find out how we can help you buy, sell or let your property. For your free instant valuation click here.