Darren Murphy's market update

Posted on Monday, January 25, 2021

The property market has remained open during the current lockdown which is providing the opportunity for transactions to be made and proceed in both sales and lettings.

Volumes of new sales activity has reduced from the manic last quarter of 2020 as the urgency of trying to get a deal in place to meet the stamp duty holiday deadline of 31st March has been replaced by a more ordered approach and those that had brought forward their moving plans have already done so.

There are currently a record number of transactions underway and it looks unlikely that they will all be able to complete by the end of March. A reduced number of new transactions will help conveyancers and others to push forward more rapidly with those already underway but the sector is currently wondering whether the Government will take further action and extend the current deadline.  We simply do not know and there are powerful arguments both in favour and against an extension.

2021 is likely to see the sales market settle into a steadier pattern and, when we start to ease current restrictions and the general economy recovers strongly, we will see the supply and demand “normalise”.

The lettings market remains strong and good quality, managed properties are in high demand as always. There is a slight reduction in rental demand around job related moves and student accommodation but the balance between supply and demand is not overly weighted in any direction and the market keeps moving well.

It is, of course, very difficult to be completely clear when looking ahead as, whilst we have exercised Brexit and a worldwide vaccination programme is underway there remain many i’s to dot and t’s to cross in the weeks and months ahead.  

Our approach to conducting business under covid19 has always placed the safety of our customers, clients and staff at the heart of what we do. and our protocols are readily available.

The property market has remained open during the current lockdown which is providing the opportunity for transactions to be made and proceed in both sales and lettings.

Volumes of new sales activity has reduced from the manic last quarter of 2020 as the urgency of trying to get a deal in place to meet the stamp duty holiday deadline of 31st March has been replaced by a more ordered approach and those that had brought forward their moving plans have already done so.

There are currently a record number of transactions underway and it looks unlikely that they will all be able to complete by the end of March. A reduced number of new transactions will help conveyancers and others to push forward more rapidly with those already underway but the sector is currently wondering whether the Government will take further action and extend the current deadline.  We simply do not know and there are powerful arguments both in favour and against an extension.

2021 is likely to see the sales market settle into a steadier pattern and, when we start to ease current restrictions and the general economy recovers strongly, we will see the supply and demand “normalise”.

The lettings market remains strong and good quality, managed properties are in high demand as always. There is a slight reduction in rental demand around job related moves and student accommodation but the balance between supply and demand is not overly weighted in any direction and the market keeps moving well.

It is, of course, very difficult to be completely clear when looking ahead as, whilst we have exercised Brexit and a worldwide vaccination programme is underway there remain many i’s to dot and t’s to cross in the weeks and months ahead.  

Our approach to conducting business under covid19 has always placed the safety of our customers, clients and staff at the heart of what we do. and our protocols are detailed below and on our website. 

Yours

Darren Murphy

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