A year like no other

2020, a year in which the housing market defied expectations. At 7.6%, annual price growth across the UK is at its strongest since the summer of 2016. Over 129,000 homes are believed to have changed hands in December, 32% more than in December 2019 with sales for the year projected to be just 11% lower than in 2019 (HMRC). The mortgage market has recovered. Approvals in 2020 were up 3.7% on the previous year (Bank of England) and with an estimated 9–10% more sales agreed in 2020 than in 2019, the start of 2021 has been positive.

Supply demand imbalance

The third national lockdown has exacerbated the supply demand imbalance evident across the housing market since the autumn. Rightmove reported its busiest ever start to a year, with demand up 12% and sales agreed in January up 9% year on year. However, new supply to the market has fallen by 12% and the number of homes for sale by 6% as new sellers remain cautious while restrictions remain (Zoopla).

Economic backdrop

Activity in the market is set against a backdrop of continued economic and consumer uncertainty. The UK economy shrank by a record 9.9% over 2020, despite growth of 1.2% in December. Although consumer spending fell sharply in January as restrictions were tightened, the vaccination rollout is on target and there is some optimism that restrictions may start to ease in the near future. The Chancellor’s Budget on 3 March will set the tone for the year ahead, the economy currently forecast to return to pre-pandemic levels during the final quarter of 2022 (OBR).

Rental market

Average rents across the UK rose by 1.4% in the year to December, on par with growth throughout the year. Agents in virtually all parts of the country envisage rents rising over the near term, London the notable exception as supply continues to considerably outweigh demand (RICS). As in the sales market, interest in rental property out of city centres has surged. However, the majority of renters move less than five miles between tenancies.

Regional Reports

Browse our Regional Market Report: 

●          https://pageturner.guildproperty.co.uk/guildreportsnorthwestspring2021

Contact us today

To see a full copy of The Guild’s spring market report and for further guidance on the home moving process, take a look at the regional property market updates or get in touch with your local Guild Member office today at Williams & Goodwin The Property People Ltd.

Thinking it could be time to sell your home? Book a valuation to see if your house price has grown. 

RELAX, YOU’RE IN SAFE HANDS

We have just been awarded the Silver award in Sales and lettings in Wales by The Guild of Property Professionals, sponsored by The Telegraph.

As the exclusively chosen Guild Member in this area, and a winning agent in this region, we can deliver an unrivalled property service. Thinking of selling or letting?

Contact us to find out what your property is worth today. See more at www.tppuk.com

#Holyhead 01407760500

#Llangefni 01248751000

#Bangor 01248355333

#Caernarfon 01286677775

#Property Management 01248724040

#Property #Auctions 01248753939

#williamsgoodwin #movingtogether #Anglesey #Gwynedd #propertymanagement #sales #properties #realestateagent #NorthWales Melfyn Williams Tim Goodwin

Need Some FIBRE in your day… 

With the current pandemic & the need to stay at home we have in the last 12 months been offering virtual meetings with prospective landlords and sellers & virtual viewings for interested parties to see a property. 

Wouldn’t it be great if fibre was switched on here, there and everywhere, for everyone to take advantage of?  

Melfyn Williams from WGTPP commented:

“The speed of internet in some parts of #NorthWestWales could do with improvement, people need support who now have to work at home, and from our viewpoint, better internet speed times would help prospective customers who at times are “buffering” on viewing property”.  

Tim Goodwin co founder at Williams & Goodwin added:

“Are rural areas being disadvantaged?  Just putting it out there - Please BT, or whoever can help get fibre switched on, is it possible to speed up the switch on in all areas?”

In the meantime, the virtual part of Williams & Goodwin  service remains active - despite the slower pace of the internet - action still happens, we’d just like it to be better for you - to meet your demands and ours. Please don’t hesitate to contact your local office for a free virtual or physical overview, with a smile and no obligation, no paperwork, no fuss in a safe manner.

#Llangefni 01248751000 #Bangor 01248355333 #Holyhead 01407760500 #Caernarfon 01286677775 #Lettings 01248724040 #Auctions 01248753939

#property #people #stayathome

#movingtogether #williamsgoodwin #allwalesauction

#alwayshereforyou

Proud Members of The Guild Of Property Professionals

©Copyright 2021 Williams & Goodwin The Property People Ltd.