A Phenomenal Property Market – Now What?
There have been moments nothing short of insanity in the Yorkshire market recently, with exceptionally high prices being achieved, sealed bids, jaw-dropping competition and no let up.
As we exited the lockdown earlier in the year, the market very quickly (and as predicted) got instantly back up to speed. We then had the Chancellor’s ‘brain wave’ of overlaying a SDLT holiday – this sent market activity through the roof and I have never experienced anything like it during my 19 years in the industry.
However, whilst the SDLT break provided a sharp shock to the market, the pace wasn’t just down to this. The positives from Covid (yes there are some!), was that it forced buyers to really analyse what they wanted. Companies realised that they could make substantial staff savings by having a remote workforce, family-work balance became more prominent and a those in the cities realised they could be based further away from the office. As a result, Yorkshire has taken advantage.
Whilst we always had a strong local market, we now have large amounts of money being poured into the area from those relocating from London and the Home Counties, but also those based internationally. As I write, I have clients based in Singapore, the US and France – they are all Yorkshire ex-pats looking to ‘come home’ having been couped up in city environments.
So with all this recent activity, what do I think the market landscape looks like into the near future? Most importantly, myself and no one I have spoken with is predicting a price crash or correction. I have long said that the gap between the North and South was closing and this is proof. The prices we have seen, now provide a new benchmark for the area and I feel that we will now see a steady and reassured step forward onwards from this.
Currently there is a shortage of stock in the market, however this is down to the school holidays and people quite understandably wanting a break. Come early September I feel the market will be back on and whilst not at the same the raucous pace, the outlook only looks positive.
However, in order to secure your next home, everything comes down to your buying position and being Under Offer, doesn’t have the same clout it once did. With legals and banks taking ever longer, vendors and estate agents are shying away from the associated risk and delays, to opt for buyers that are ready to go. The only question you need to ask yourself is when you are going to join the foray.
It is exciting times to be in the Yorkshire property market and this is the start of the wave!