Market Update – November 2021
By Steve Cook – Partner Clarke Gammon
The property market in 2021 has been a bit of a roller coaster, no one could have predicted the crazy events of the lockdown, the stamp duty holiday, the work from home movement or the boom in buyers looking for more space and a move out of the city.
As we edge towards Christmas and the end of the year, the property market, or more specifically buyer demand, has, certainly across our region of Surrey and Hampshire, slowed from the frenetic pace of the summer and autumn months.
For me, the run-up to Christmas has always been a time for reflection and a chance to take stock and consider our strategy for the coming year. Likewise, many of our clients are considering their strategy for moving home having shelved the idea during Covid.
The state of the market review
For anyone with even a passing interest in the property market, it will have been difficult to miss the hype around the increase in property values over the year. In the recent ‘UK House Price Index’ report from Zoopla, they confirm that the current UK house price growth for 2021 YTD is 6.6%.
Locally, in the South East, that figure is slightly less at 6.1%, but is nevertheless a fairly substantial increase. Nationally, 2021 was a record year for property sales, exceeding the highs in 2007, with over £473bn of agreed sales, £95bn more than 2020.
Strong buyer demand has been the topic of conversation for much of the year, which continues to run at 25% – 30% above the 5-year annual average. Whilst current levels of demand have slowed there are still many buyers actively looking, so this year is set to end more strongly than last year and we expect this to carry into 2022.
House prices
When all said and done, this is just crystal ball gazing, but it is a question I’m often asked. According to the recent Zoopla report, they conclude that buyer activity is beginning to return to normal, as the economy re-opens and mortgage availability improves. And, that there is clear evidence of slower growth in the value of homes where new sales are being agreed, they predict a 3% increase in 2022.
I am reminded that an eminent economist once told me that 89.6% of all statistics were made up on the spot… Not being frivolous, but Zoopla and all of the other property statisticians got 2021 very wrong and will probably get 2022 wrong too.
For my part, predicting one week to the next is difficult, but what I can see, is that there are many people that have put off selling their homes in 2021 and a good number of those are currently preparing to sell early in 2022. So it certainly looks like being a busy start to next year.
How to get the best price for your home
For those thinking of selling their home, here are some tips for attracting buyers and achieving the best price for your home.
Kerb appeal – The front of your home is the first and last thing a buyer will see, either online or in-person, so make sure their first impression is amazing.
Look at the front of your home, look for loose roof tiles, or rainwater downpipes. Clean the windows, paintwork and the front door, give it a new lick of paint if necessary. Tidy the garden, sweep the path, trim the hedges, remove weeds and paint the fence. First impressions really do count.
A clean home is a happy home – It’s important that the buyer can see your home and not be distracted by clutter, it can be difficult for buyers to imagine what it would be like living in a home full of excess stuff. Be ruthless, remove as much as you can, box it up, put it in storage or sell it on eBay.
Presentation – Ideally, buyers should be able to see your home as a blank canvas, with natural colours, light and airy spaces and requiring minimal work. So give tired-looking rooms a freshen up with a new lick of paint. Let the light in, open curtains and blinds or use some well-placed lighting to make your home feel warm and welcoming.
Odd jobs – Look at each room in turn, make a list of all those little jobs that you’ve not got around to doing. Misaligned cupboard doors, missing or broken door furniture, dents in walls, skirting boards and door frames. Check the silicone around the sink and bathroom, steam clean tile grout, replace badly worn carpets and floor covering.
Flower and plants – it’s worth investing in some beautiful cut flowers or plants as a focal point, they will bring colour and life to a room.
Make it sparkle – Before a buyer arrives, make sure it’s spotlessly clean and tidy, clean the sink and bathroom, fresh and smelling lovely. Add a bowl of fresh fruit to the kitchen, and whilst it’s an old chestnut, brew so coffee, it really does make a difference.
I hope you found this helpful.
If you are considering a move in the near future, why not enter our Christmas prize draw to win a Christmas Hamper, simply arrange for us to value your home before the end of November to be in with a chance…
If you require any further help or advice, please contact me at our Liphook Office.
Until next month, happy house hunting.
Steve Cook
Partner Clarke Gammon
