Welcome to the latest 2021 Property Market Comment:
Certainly, this year has seen more intense activity than many new people to the industry can remember. However, when we speak about the property market, booms, etc, it’s important to remember that there are two elements to consider.
On the one hand, you have price movements, and on the other, transaction volumes. In other words, what prices are being achieved, and how frequently? It is the balance between these two that powers the market.
This year, we say the property market is strong – and indeed it is, meaning that we’re regularly achieving higher than expected prices. If a property comes to market, it is usually able to attract a buyer who’ll pay the asking price (and sometimes above asking price) very quickly. Sometimes, we’re even able to sell properties to pre-qualified buyers before the property is listed on the internet and some transactions are going to sealed bids or auction.
2021 is a year like no other. Although the economy shrank by 1.5% in the first quarter of the year, it grew by 2.1% in the last month of that quarter. While hikes in property prices are a delight to some, they also cause concern to others.
Certainly, the property sector is now rapidly moving from cautious optimism to outright confidence. The combination of the release of pent- up demand following years of Brexit confusion, and then a year of lockdown, along with the Land Transaction Tax (Stamp duty) concession and a surprisingly positive economic outlook all point to one thing – a substantial increase in demand for property, prompting ever - higher prices (so far over 6% this year according to the Nationwide Building Society).
But where do these buyers come from? You might expect that, apart from first time buyers, who make up approximately 20% of the market, mostly at the lower end, anyone looking to buy would also be expecting to sell, and the market should be therefore “in balance”.
The problem is, because so many properties are selling before they never even made it to a website, people’s perception is that there is nothing available to buy. So whilst they themselves keep looking, they don’t put their own on the market because they are worried they would sell before having found somewhere else to buy - classic chicken & egg situation. This is one of the reasons why there are reports of there being 6 buyers chasing every property.
No wonder prices are rising. But the market only has itself to blame for this. Sellers inevitably decide who buys, and at what price they are prepared to sell for - If you are trading up in a rising market, it’s even more important that you act quickly. This is because if your £200,000 sale increases in value by say 10%, and your £275,000 purchase has also increased by 10%, then you’d have a £7,500 shortfall. So we say, have confidence - if it’s time to move on and more people put their property on the market, this in itself will help ease the pressure.
If you are looking to move, do put your own property on the market as soon as you can. This will not only give you time to get the legal ball rolling with your conveyancing but, in a highly competitive market, you’ll be regarded as a red - hot buyer by estate agents, putting you in pole position to be offered those properties first! There’s probably been no better time to take advantage of the current market than right now!
From the team here at Williams & Goodwin may we extend our best wishes for a safe, healthy and Happy Summer Property Market!
©Copyright 2021 Williams & Goodwin The Property People Ltd.
Local North Wales estate agency, Williams & Goodwin The Property People have again been recognised for delivering outstanding customer service to its clients, making the shortlist of The ESTAS - the biggest award scheme in the UK residential property industry.
The ESTAS sponsored by Coadjute honours the best agents, conveyancers and mortgage advisors in the UK. The awards are powered by the ESTAS online customer review platform, which enables property professionals to demonstrate the customer service standards they deliver for their clients. ESTAS reviews can only be completed at the end of the property transaction and a strict verification process ensures reviews are genuine. This year’s shortlist has been calculated following the evaluation of 60,000 client reviews.
Four hundred Agents, conveyancers and mortgage brokers have been shortlisted around the UK making them one of the top property firms in the UK. The regional and national winners will be announced at the 18th annual ESTAS ceremony held in London on 22nd October. The awards will be presented by the UK’s favourite property expert Phil Spencer in front of 1,000 of the UK’s top property professionals.
Spencer said: “The ESTAS Awards are based on real feedback, from real clients experiencing real service so they provide genuine proof of the service levels that a firm is delivering to clients. Now more than ever high quality customer service is crucial if home movers are going to realise their dream of getting the property they set their hearts on.”
Simon Brown, founder of The ESTAS says “At ESTAS we’re creating a community for best practice property professionals who all share a passion for delivering great service and a belief that service really does matter.”
Dan Salmons, CEO at Coadjute said “We are proud to work with ESTAS to bring together the very best agents, conveyancers and brokers under one roof for the first time. This year’s theme of ‘Working Together Better’ could not be more apt for Coadjute – it is something we believe in passionately. Our network seamlessly and securely connects the systems that agents, conveyancers and brokers use, enabling professionals to see progress and share documents, cut transaction times, and give even better customer service. We are therefore delighted to be supporting ESTAS and the whole property industry to celebrate the best service, and the benefits of working together”.
Melfyn Williams from WGTPP commented: “We are very proud to be shortlisted. We take our levels of customer service very seriously because we know clients have a choice. Hopefully we can go one step further and win at The ESTAS Awards in October, but most importantly a big Thank You to all the people who continually support our company and of course well done again to our tremendous team of dedicated property professionals who keep making it happen."
Ar hyn o bryd rydym yn chwilio am ymgeisydd addas i ymuno â'n tîm.
We are currently looking for suitable candidate to join our team.
Swydd llawn amser / Full time position - swyddfa CAERNARFON office.
Rydym angen unigolyn sy'n gallu dangos greddf gystadleuol ac yn gallu gweithio dan bwysau. Mae'n bwysig bod gan yr unigolyn sgiliau cyfathrebu rhagorol a'r gallu i ragori mewn gwasanaeth cwsmeriaid.
Byddai'n fanteisiol petai'r unigolyn yn gallu cyfathrebu'n effeithiol yn y Gymraeg a Saesneg.
We require a person that can demonstrate a competitive instinct to be able to work under pressure. The person will have excellent communication skills and the ability to excel in customer service.
The ability to effectively communicate in Welsh & English would be an advantage.
Ysgrifennwch atom gyda'ch C.V. / Please write in the first instance with your C.V
Melfyn Williams, Williams & Goodwin The Property People Ltd,
23 Stryd Yr Eglwys Llangefni, Ynys Môn, LL77 7DU