What’s Happening in the UK Property Market January 2021

Property Market

Posted in Jan 30 , 2021

Property News You May Have Missed

January’s property news is filled once more with COVID-19 related information. It’s to be expected as it is the main news at the moment!

What’s been interesting for those like us in the industry is that the stats back us up when we say that the property market is busy.

Indeed, the data is what people are looking at, whether it’s official government sources or company-sponsored research.

The stats are showing that the property market in London is buoyant and fairly robust, but there are warnings too that not everything in the garden is rosy.

Here, we look at some of the stories that have been of interest to us in the property industry this month.

Mortgage Approval Hits the Heights

Property data website Zoopla has reported on the news that mortgage approvals increased to a “13-year high” in November.

Quoting stats from Moneywise, Zoopla says this is a sure indication that whatever is happening in the world, the property market isn’t slowing down anytime soon. The figures show that 105,000 mortgages “were agreed for people purchasing a home”.

Interestingly, Zoopla’s report said that there were around 160 different deals for those with a 10 per cent deposit. That’s a big increase from just over 50 deals in October, but far fewer than the 760 deals which were available in January 2020.

House Prices on the Rise

The Halifax House Price Index has confirmed that on a monthly basis, house prices in December were 0.2 per cent higher than in November, and up by a huge 6.0 per cent compared to the same month a year earlier.

The news comes with a warning though, as Russell Galley, Managing Director, Halifax, said:

“The monthly rise of 0.2 per cent was the lowest seen during this period and significantly down on the 1.0 per cent increase in November. The average house price was therefore little changed, but nonetheless still reached a fresh record of £253,374.”

Good news in many ways, but there is that warning to take heed of too.

Transactions Increase

Statistics from HMRC show that “the provisional seasonally adjusted estimate” of UK residential transactions in December 2020 is 129,400.

Analysis shows this is a whopping increase of 31.5 per cent than December 2019 and 13.1 per cent higher than November 2020.

The Government is keen to point out though that the figures are provisional and seasonally-adjusted, meaning that they cannot be taken as 100 per cent correct. In any case, though, the market is certainly there. It will be interesting to see what happens when the Stamp Duty holiday comes to an end on 31st March.

Over 55s Eye an Equity Release

It’s being reported that the COVID-19 pandemic and lockdowns are making people consider whether or not they need to be living in the property they are currently in.

Property Reporter cites research by Audley Villages which says that over 55s are “actively thinking about downsizing their home earlier as a direct result of the pandemic”.

This perhaps has to be taken with a slight pinch of salt because of course Audley Villages are all about retirement. However, it is a fact that the pandemic is making people think about their requirements.

For example, there is evidence to show that people are moving out of urban centres and into the countryside. The reasons are myriad, but some are realising that they can work from anywhere, or are taking the view that they want to take life in a slower lane.

We have had a very busy past few weeks here at Cribs Estates Ltd . If you want our headlines, we’d be talking about homes selling within days, and record numbers of people getting in touch with us to put their properties on the market.

We of course have protocols and guidelines in place at the moment because of COVID, and the safety, health and well-being of our staff and customers is paramount. But rest assured that if you want to get moving, you can – and safely – with us.

Whether you are thinking about selling or buying, we can help you to make the right choice. We love property and the industry we are in and we are experts in the London property market.

Get in touch if you need our expert help. Call us on 0203 441 1571 or email us at info@cribsestates.co.uk.

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