OCTOBER 2020 MARKET COMMENT:

To say estate agents have been busy since re opening after lockdown would be an understatement.  The back log of people determined to move was released which created a frenzy in the market place with four months of lockdown pent up demand turning into a few weeks or so of amazing activity, which in turn, was in effect playing catch up and now, starting to return to activity levels we would typically expect in late October.

The unprecedented uplift in buyer demand over the past couple of months certainly bucks any notion of pandemic paralysis.  One property portal tells us that buyer enquiries are up 14% annually and sales agreed in the UK are just 5% below this time last year - which is pretty remarkable under the circumstances.

Considering the market was stagnant for most of 2019, the last quarter’s 8.5% increase in buyer demand is extraordinary and has contributed to an annual 5% uplift in house prices.  This will be a relief for any homeowners who were wondering if last year’s house price plateau was here to stay.  

Interestingly, Covid -19, along with some government intervention has certainly overcome that, at least for the time being, because when activity rises, house prices follow.  Nevertheless, research from PwC suggests that up to 20% of people say they are now less likely to purchase a home over the next couple of years compared to pre-Covid-19 figures, due to the ongoing pandemic and economic uncertainty. This is partially balanced by the 10% of people who say they are now MORE likely to move than before, possibly due to the Land Transaction Tax holiday worth up to circa. £15,000.  The average saving is about £4,500 but only until March next year when the concession is due to expire. So if you’re thinking of moving next year – do bring it forward!

Interestingly first time buyer sales agreed are up 36%.

Additionally, the good news for first time buyers is the government plan to help young people become “Generation Buy” by helping them onto the property ladder with just a 5% deposit. 

It’s essential not only to power the property market from below, but it’s also good for society and local communities to make home ownership available to all.  Having said that, government intervention in the economics of supply and demand does not always work out for the best.

Although buyers are certainly buying, a potential difficulty is the length of time it is taking for local authority official searches to come back maybe due to Covid-19 related staffing issues. Some areas in the UK are believed to be taking up to two months, which could really frustrate buyers hoping to take advantage of the stamp duty holiday. 

So a key word of advice here is that if you are a buyer make sure you send for the search immediately.  

In Llangefni and Holyhead our agencies with The Principality Building Society agency remains open in week days, on slightly reduced opening hours, if you are travelling to visit, please check the current opening times.

TPPUK ONLINE AUCTION IS A HIT WITH SELLERS & BUYERS:

This works well in our auction department where sellers order the searches at the outset of marketing, even before a buyer is found, allowing our auction team to commence marketing and sell/exchanges contracts on property in as little as six weeks.  Our auction team has had to adapt to the current climate and although we previously offered both in room and online auctions we have now had to move all auction sales to online live bidding.  A move that had demonstrated success, maintaining a 100% success record.  

If you need a quick sale, please feel free to speak to any of our agents about how to go about the auction method of selling.

LETTINGS CONTINUES TO GROW:

On the investment side, landlords will be pleased to hear that, according to ARLA, the number of new prospective tenants registering, is the highest on record with over 100 applicants per branch, breaking the last record set in 1997!

Average tenancy duration is also at an all - time high, with tenants staying in their properties for an average 21 months.

VIRTUAL SERVICE HAS BEEN POPULAR:

In sales & lettings we continue to work in a safe manner, trying to follow the guidelines as best we can to help you achieve your goals and move into your new home.  We will continue to offer our virtual service too.  So, if you’re unsure about having people visit your home, ask us to help remotely - again it’s a service that has worked well throughout lockdown and remains option for you.

Our facebook page has also proven popular through out the period with regular updates, please visit and “like” to be updated with the latest property news.

If you’d like any advice as to how the current climate could affect you moving or investment plans, please don’t hesitate to contact us on for a free overview, with a smile and no obligation.

Holyhead   01407 760500

Llangefni   01248 751000 

Bangor   01248 355333

Caernarfon   01286 677775

Auctions   01248 753939

Property Management      01248 724040

Probate & Matrimonial Valuations 01248 753939

Or of course, find out more on www.tppuk.com

Regards

Melfyn N Williams 

BSc (Hons) MRICS PPNAEA FNAEA CPEA
©Copyright 2020 Williams & Goodwin The Property People Ltd.

After the pent-up frustrations of lockdown, we have some very good news to report:

Firstly: The housing market has now re opened in Wales with viewings on occupied homes now allowed again.

Secondly: The Welsh Parliament has announced a boost for buyers in the housing market with the raising of the LTT (Land Transaction Tax) threshold from £180,000 to £250,000* (*subject to terms)

If the idea is to kick start house sales then this is certainly doing the trick. There are plenty of buyers around, enjoying low interest rates too, but stock is woefully low, with 15% fewer properties available than this time last year. This boost will encourage people thinking about moving to do so immediately, as the concession expires in March 2021.

This additional activity will in turn generate knock-on sales and inspire even more confidence in a market that has come out of lockdown with only slight bruising. Indeed, before the LTT concession was announced, over 85% of movers said they still planned to move, despite the effects of the pandemic. The survey of over 2,000 movers was conducted by a property portal, who also predict that annual house price growth will hold at around 2% over the coming months as a result of renewed demand and overall activity.

What will happen as soon as the LTT holiday comes to an end is yet to be seen, but hopefully it will coincide with people coming to terms with lifestyle adjustments and being able to make longer-term housing decisions. Another portal has already reported that over 12% of movers are actually doing so as a result of virus-related living/working changes.

For the time being, if you are considering moving up, moving down, moving on or moving out, there will be no better time than right now to do so - and that’s not just bullish agents’ speak - this is exciting!

Do let us help you quickly and safely move home in this fantastic market.

Please call us on:

#Holyhead - 01407 760500 / holyhead@tppuk.com

#Bangor - 01248 355333 / bangor@tppuk.com

#Llangefni (Sales) - 01248 751000 / llangefni@tppuk.com

#Caernarfon - 01286 677775 / caernarfon@tppuk.com

Property Management  - 01248 724040 / lettings@tppuk.com

You might be pleasantly surprised! 

STOP PRESS:

PARTIAL REOPENING OF HOUSING MARKET IN WALES

The First Minister of Wales, Mark Drakeford has announced that there will be a partial reopening of the housing market in Wales from Monday 22 June 2020. 

We understand the Welsh Government’s five-mile Coronavirus travel restrictions are lifted for the property sector.  

The Welsh Government’s position is very much about opening as much of the market as possible whilst minimising risk. 

This means:

House moves can take place where a sale has been agreed but not yet completed.

The marketing and viewing of unoccupied residential property can take place. 

Valuations and inspections of occupied residential property is allowed but should be done so safely and in line with the Welsh Government’s guidance on working in someone’s home.

House moves can still not take place where the residential property is occupied. 

However, the Welsh Government have said that agents can now prepare to market these properties subject to a full reopening of the sector.  (We are hopefully that these properties will be opened for viewings in July.

Wiliams & Goodwin The Property People Ltd also trading as All Wales Auction will reopen our offices from Monday subject to the restrictions listed below:

Our Covid-19 Office Opening To Public Policy (June 2020)

We naturally want to conduct business with you.  For the initial period of re opening following lockdown we trust business can continue to be undertaken online or by telephone.

However, if it is essential that you must visit our offices, we draw your attention to the following:

In order to prioritise the health and safety of visitors and our team, we have put a number of COVID-secure precautions in place to protect everyone:

ACCESS
You must regrettably wait outside. 

Our team will allow access to meet people restrictions on numbers within our premises.

LIMITED HOURS
Initially we will re open for public access on reduced hours of 9:30am until 5pm 

(9.30 until 12:30pm for Principality BS agency)

2 METRES
Distance must be followed at all times

2 PEOPLE
Maximum visitor numbers in the office

FEWER STAFF
We will have fewer people working in the office, to keep contact low

BRING PPE
If you wish to use PPE, we recommend you bring face masks and gloves

With The Principality agency, there will initially be no facility to open new accounts. 

If you have any questions at all about the re-opening of our offices, please do not hesitate to contact us on:

Holyhead        01407 760500

Llangefni        01248 751000

Bangor            01248 355333 

Caernarfon    01286 677775

Lettings          01248 724040

Auctions         01248 753939

Regards,

The Team at Williams & Goodwin

Welcoming you back to our agencies at HOLYHEAD and LLANGEFNI for 

The Principality Building Society

After careful thought, consideration and preparation, The Principality Building Society Agencies at our #Holyhead & #Llangefni offices have re opened from 18th June 2020. 

This DOES NOT currently include use of the estate agents & letting services.

In order to prioritise the health and safety of visitors and our team, we have put a number of COVID-secure precautions in place to protect everyone: 

ACCESS

You must regrettably wait outside.  Our team will allow access upon production of your passbook.

LIMITED HOURS

Initially we will re open on reduced hours of 9:30am until 12:30 pm on a 1 in 1 out basis

2 METRES

Distance must be followed at all times

2 PEOPLE

Maximum visitor numbers in the office

FEWER STAFF

We will have fewer people working in the office, to keep contact low

BRING PPE

If you wish to use PPE, we recommend you bring face masks and gloves

There will initially be no facility to open new accounts.  If you have any questions at all about the re-opening of Williams & Goodwin Principality Agency at Holyhead & Llangefni, please do not hesitate to contact us on 01407 760500 or 01248 724040

Regards, 

The Team at Williams & Goodwin The Property People Ltd