Positivity for the property market

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Rightmove reported that the South East of England had shown a 2.6% increase in house prices since March, with an overall increase average of 1.9% since before lockdown. Last week Roy Fever and Andrew Bush suggested that the number of new applicants looking for properties was higher in June than in January 2020, which is always a busy time for Evolution Properties. Due to lockdown there has meant there was a gap in properties coming to the market, which Rightmove estimates was around 175,000 missing sellers, however there has been an increase in daily listings and valuations as those who were looking before are now making their move with new records of those emailing and phoning agents, up 40%!

READ MORE: https://www.rightmove.co.uk/news/house-price-index/

While there are lots of applicants, there are not as many properties to meet to the demand, yet this could be a good sign for vendors as this high demand should be reflected in property prices. Hometrack has shown that the amount of properties on the market are down by 15% compared to last year, which is reflecting in an increase in house prices.

READ MORE: https://www.hometrack.com/uk/insight/uk-house-price-index/

To see further property market insights for Ashford, watch our property experts Roy Fever and Andrew Bush discuss the local property market here: https://www.facebook.com/evolutionproperties/videos/286222522758695/

The property market also saw Borris Johnson release the new “BUILD BUILD BUILD” campaign, which looks at new measures within housing. Below is a list from gov.uk explaining these:

  • “A £12bn affordable homes programme that will support up to 180,000 new affordable homes for ownership and rent over the next 8 years, confirmed today.
  • Included in the affordable homes programme will be a 1,500 unit pilot of ‘First Homes’: houses that will be sold to first time buyers at a 30% discount which will remain in perpetuity, keeping them affordable for generations of families to own.
  • Funds from the £400m Brownfield Land Fund have today been allocated to the West Midlands, Greater Manchester, West Yorkshire, Liverpool City Region, Sheffield City Region, and North of Tyne and Tees Valley to support around 24,000 homes.
  • The Home Builders Fund to help smaller developers access finance for new housing developments will receive additional £450m boost. This is expected to support delivery of around 7,200 new homes.”

READ MORE: https://www.gov.uk/government/news/pm-build-build-build

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