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Summer Market Report: The Bright Road Ahead

Posted on: Monday, June 15, 2020

With the spring market showing signs of improved consumer sentiment following the election result, 2020 was expected to be the year the property market regained the traction lost due to Brexit uncertainty, with promising figures in the first quarter confirming as such. During spring, the market experienced annual house price growth of 2.1% and an annual increase of 3.7% mortgage approvals during the first quarter of this year, despite the fall in March. The strongest growth in the market was seen in London and South West. 

The housing market was paused once lockdown began in the UK on 23rd March. This resulted in a -9.8% drop in transactions in March, with April volumes around half of the level they were last year. On 11th May, the Government announced the UK COVID-19 exit strategy and England's housing market began its return to business on 13th May. 

Many estate agents saw a surge in enquiries on the first day of reopening in England, with Rightmove reporting 5.2 million visits to their site, a 4% increase from the same day of 2019. This flurry of activity and release of pent-up demand will help the market on the road to recovery. Long-term growth expectations are similar to pre-COVID levels, with average growth of just over 2% per annum over the next five years according to RICS. 

During the lockdown, agents across the UK reported that demand in the rental market weakened with fewer landlord instructions. Despite this, rents increased by 1.5%, however, it can take time for supply and demand pressures to show. Based on the recent statistics, it is possible to see some rental falls in the coming months, but the long-term projections stand at 2.5% per annum over the next five years.

Although it is too early to understand the magnitude of the imact from COVID-19, house prices have been relatively stable. There is a good balance between supply and demand and banks are still lending with fixed mortgage rates at an all-time low based on interest rates of 0.1%.

COVID-19 has left a legacy when it comes to property buying patterns, with the importance of outdoor space increasing. Currently, only 66% of flats have access to private outdoor space, in comparison to 97% of houses. We are likely to see a shift in building design and the premium already established for homes within proximity of green space could increase. 

Contact us today

Get in touch with your local Guild Member to see a full copy of The Guild's summer regional market report and for further guidance on the home moving process.

 

 

What Our
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I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

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Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

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I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

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Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

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I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

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Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

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We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

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I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

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We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

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What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

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Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

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Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

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