Is now a good time to consider moving house?
Tom Currey from Dales & Peaks Estate Agents in Chesterfield reveals how you can find out.
Q: How has the property market changed in 2021?
A: Compared to this time last year, business has picked up. More people are buying homes now than they have for many years. Derbyshire and the Peak District have become UK property hotspots, with more people valuing outdoor space and looking to move to the countryside.
We have lots of buyers registering for each property we market and the competition is driving house prices higher. The Land Registry reports that the average price of a property in the UK has risen by 10 per cent since last May.
Q: Why is it a good idea to monitor current property market trends?
A: For anyone who is considering moving home, I recommend investigating local house prices and tracking fluctuations and changes in the UK property market. This can help you determine if now is a good time to move.
A drop in local house prices can help you save money on your next home, and a rise in local property values will help sellers get the best price for their home, and increase their capital.
Q: Where should I look to find out more about current house prices?
A: You can check out the UK House Price Index and the HM Land Registry to find out what’s happening in the current economy. I also recommend looking at Rightmove’s House Price Index and speaking with a local estate agent. We can offer valuable insight and use our expertise of the area to help you make the best decision for your family.
Q: What can affect UK house prices?
A: The overall health of the economy can affect the housing market. Unemployment rates, wage growth and consumer confidence all play a part in determining if people will move and how much they will spend on a new home.
Local house prices depend on how desirable the area is and the Bank of England’s interest rates will determine how much someone can afford to spend on a property. If base level interest rates are low, people can afford to spend more. This can also increase competition and push up house prices.
The recent stamp duty holiday has also affected house prices this year, with the number of properties sold rising dramatically according to the National Office for Statistics UK.
In June 2020 the Chancellor of the Exchequer announced an immediate suspension of the tax paid on property purchases. The stamp duty holiday ended on June 30, 2021, though the chancellor has provided an extension with a reduced threshold of £250,000 until September 30, 2021.
Q: What do you predict will happen in the rest of 2021?
A: I think that the market will continue to climb, and house prices will continue to rise. This is a strong seller’s market, and the last year spent indoors has encouraged people to think more about their lifestyle, their homes and where they want to live. I think the demand and competition for new properties coming onto the market will continue.
Q: Is now a good time to move house?
A: Now could be the ideal time for your family to sell. Home-working is making it easy to be flexible, allowing people to consider relocating without disrupting work. Low-interest rates are also helping to encourage first-time buyers into the market.
Contact us if you need help answering any questions, if you want to discover the best way to market your property online, and for guidance on what decisions you’ll need to make next.
To find out more about selling your house, visit dalesandpeaks.co.uk or call 01246 567540.
Find the office at Dales & Peaks, 131 Chatsworth Road, Brampton, Chesterfield, S40 2AH.
