Property Knowledge Property Questions & Answers
become bouncy. Should I be concerned?
What has been happening to the housing market post Covid-19 and should I consider buying at this time?
Improved consumer sentiment following the election result and Brexit clarity was reflected in the spring housing market, with annual house price growth of 2.1% and an annual increase of 3.7% in mortgage approvals in quarter one in 2020 (despite the fall in March). Te UK went into lockdown on 23rd March, which resulted in a 9.8% drop in transactions in March, while April volumes are estimated to be half the level of last year. On 22nd June, the Welsh Government announced the UK Covid-19 exit strategy and on the first day of the housing re-opening, visits to major property portals saw record levels. Tis release of pent-up demand has helped the market get back on track, with the strongest growth seen in London and the south-west. It is too early to tell what impact Covid-19 will have on house prices, but they are likely to be protected from major falls, as, unlike in previous down-turns, house prices have remained relatively stable. Tere is a good balance between supply and demand and Banks are still lending fixed, favourable mortgage rates, which are at an all-time low. With the build-up of pent-up demand and shortage of supply, it would be advantageous if you have the ability to purchase, to buy swiſtly. Data available from “Dataloſt” indicates that Cardiff is ranked 13th in the UK, having 4.5% of private stock turn-over and an average house price of £210,909.
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Covid-19 caused the residential market to pause following a spring bounce.
purchasing a property post-Covid-19?
A Q
Over the last few months, we have seen unprecedented changes to our lives,
lifestyles and working environment. What has become clear is that some individuals have realised that working from home is required, and transport facilities are becoming more important and also having the ability to access outside space. Lockdown has proven to some sceptics that working from home is viable and even more convenient. Before Covid-19, only 5% of people mainly worked from home and less than 30% ever worked from home. Following lockdown, the importance of access to outside space is likely to increase. Currently, only 66% of flats have access to private outside space, compared with 97% of houses. We may see a shiſt in building design and the premium already established for homes within close proximity of green space could increase. Covid-19 has caused people to consider alternative ways of getting to work, avoiding public transport. Te Government is encouraging schemes such as dedicated cycle lanes, wider pavements and school streets. Many local authorities have already begun to make changes and the Government has invested £250 million to secure a lasting legacy of greener, safer transport.
“CURRENTLY, ONLY 66% OF FLATS HAVE ACCESS TO
PRIVATE OUTSIDE SPACE, COMPARED WITH 97% OF HOUSES.”
Are there any other factors that I should be considering when
Britain. Perhaps surprisingly, structural movement is common to every home in the country and includes settlement, heave, subsidence, expansion, contraction and bouncy floors. Whilst almost all houses experience some level of at least one or two of these aspects, the effects are usually so minimal as to pass unnoticed. When a new house is constructed, for example, the masonry alone contains over a tonne of water. As the structure dries, the loss of all this moisture changes the dimensions of the walls and if this change is not planned for by introducing joints with a level of flexibility, then structural cracking will occur. At the other end of the spectrum, shallow foundations (usually just ‘footings’) of a period property can cause structural issues, as the ability of the property to resist natural soil shrinkage and expansion is greatly reduced. Tis is a particular common problem if a substantial tree is located nearby, this can result in subsidence and potentially catastrophic structural failure. Tree routes are the most common problem of structural movement and may have the ability to undermine foundations, enter into drains and push boundary walls over. If you suspect active movement, the symptoms of which can be anywhere between the top of the roof surface to the very base of the walls, it is strongly advised that you contact a professional – either a structural engineer or a RICS Chartered Building Surveyor experienced in such matters. Whatever you do, do not ignore active movement. A problem that may cost hundreds of pounds to resolve swiſtly, can quickly evolve into tens of thousands to put right in the future.
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Any structural movement is a cause for concern for home owners across
I have noticed that the timber suspended floor in my lounge has
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