Are we seeing one of the busiest housing periods on record?
We spoke to local independent agents and brothers Nick & Richard Tatham to gain a insight into these unprecedented times and to get a real feel about the market from the agents point of view.
Nick and Richard of Bay City Living and Online Agent Cardiff have had a combined rolling stock of close to 100 properties advertised at all times during the last 12 months. In what for most property professionals acknowledge as the busiest market they’ve ever worked in.
In March it was revealed by HMRC that 190,980 residential property sales completed in a single month, which is 32% more than in February and in June it is set to surpass those numbers as a race against the Stamp Duty holiday (Land Transaction Tax here in Wales) comes in an end.
Why is the market so busy?
“A good question; Rightmove is currently seeing over 200 Millions visits to its Website each month and you can pick any of the following answers and none of them would be incorrect.
“Te driving force behind such meteoric price rises and the market being so busy will have stemmed from people having a desire for more space,
which has come from a change in peoples working patterns i.e. working from home. Tis coupled with Historic Low interest rates for mortgages, have allowed the market to grow.
“Te fuel on the fire however would be the Governments decision to halt Stamp Duty to kick-start the economy back into life aſter the still ongoing pandemic. It has been mixed around with a shortage of stock, high levels of buyer competition, with record numbers of registered buyers being reported and a confident UK Housing market. It has essentially created the perfect storm, we are currently in what is commonly known as being in a ‘Sellers market.’
Are you selling properties before you put them on-line?
“With so many properties selling so quickly, the terms #OACpriority #EarlyBirdNotice and being able to secure an ‘Off Market’ Property have been more and more visible and become crucial to both buyers, sellers, landlords and tenants . As agents we have been able to achieve higher PCM rental figures faster than normal, and OAC has had virtually all of their For Sale properties achieve or sell over the asking price.
“To get ahead of the curve , we’ve been asking tenants and house hunters
alike to follow our Social media where they can see our 3D Tours, Professional photography and Drone footage for our properties 1st before anyone else.”
The value of homes sold in 2021 is
projected to reach £461 billion, up 46%!
OAC & BCL currently have over a 95% rate of achieving either over or the asking price for their properties
Fastest paced housing market on
record, faster than 14 years ago and in 2007!
10.7% Wales hous- ing growth overall and Cardiff in-
creased by 11.2%!
20 / PROPERTYMAIL
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