Earlier this month saw the UK record its highest temperature in 17 years.
And it’s not just the weather that’s been red-hot.
The property market in Retford is going through a
blisteringly busy period.
Unprecedented was an often-used word to describe the
lockdown experience we all went through. And it feels like an appropriate word
to use, especially when describing what’s happening in terms of people wanting
to move.
But why is this happening?
Well, I think it’s down to three things. To help
people remember them, I’ve called them the 3D effect.
Desire –
One of the legacies of lockdown was that many people realised they wanted more
from their current home. All that time spent indoors has led to families and
individuals rethinking about where, and how, they live. This has accelerated
many people’s decision making processes. Rather than wait a couple of years to
move, many feel now is the right time. Life is too short to delay big
decisions.
Demand –When
the property market went into lockdown it meant all moves were on hold. This
caused a ‘blockage’ in the property selling/buying pipe. The relaxation of
lockdown and reopening of the property market has seen a surge in demand. And
where there is a demand for homes, it creates an increase in their value. So,
many homeowners have realised now is a great time to make the most from their
biggest tax-free asset. The saying ‘making hay while the sun shines’ springs to
mind.
Duty Free - The
Stamp Duty Land Tax holiday for properties under £500,000 here in Retford means more people now have a larger
deposit, making mortgages more available and in many cases increasingly
affordable.
On their own, the 3Ds would not have caused such a
surge in activity.
But the three have come together in the same period to
create the perfect climate for a red-hot property market.
Retford had an overall average property sales price of
£184,551 over the last year.
The majority of sales in Retford during the last year were semi-detached properties, selling for an average price of £146,489. Detached properties sold for an average of £278,944, with terraced properties fetching £112,737.
I’m always happy to help sellers, buyers, landlords and tenants
Tel: 01777 237310 or messages to 07981 744003
Follow me on Facebook
https://www.facebook.com/thegoodestateagentnorthnottinghamshire
I got some useful information after reading this post. The post is very informative and explanatory. We first conduct property appraisals from property valuers so that we can get higher returns. thank you for sharing.
ReplyDelete