With all the uncertainty that’s happening in the world at the moment, you could be forgiven for thinking that it’s best to sit tight and not make any significant changes in your life.
However, if there’s one way in which the global pandemic altered our perception of the world it’s in terms of our living spaces. That means many of us might be looking for something different from our abodes, or even just looking for a little extra space.
So, is now a good time to put your property on the market with Forest Hill estate agents? According to an article for Homes & Property recently, house prices in London have hit an all-time high following lockdown.
The news provider cited data from the Land Registry, which showed that the average price of a property in the capital city climbed by 3.6 per cent in June. This put the average value of a London home at £490,495, nearly £2,000 above the previous peak that was recorded in July 2017.
What’s more, many housing experts in the city expect prices to continue climbing, due to the stamp duty freeze that came into force in July.
Depending on where your home is located, you could see that it commands a very healthy price if you put it on the market at present.
The boroughs that recorded the biggest annual price increases were named as Islington, where values were up 8.7 per cent, Waltham Forest, Kensington & Chelsea and Lewisham, which all experienced price rises of at least seven per cent.
The latest residential survey released by the Royal Institution of Chartered Surveyors (RICS) at the beginning of September also revealed confidence in the UK’s housing market.
Surveyors reported growth in new buyer enquiries, new instructions and agreed sales in August, building on previous strong figures that have been recorded since the national lockdown.
63 per cent of those questioned recorded an increase in new buyer enquiries in August, down slightly on the 75 per cent reported in July, while the number reporting a boost in agreed sales climbed to 61 per cent, up from 58 per cent in the previous month.
Interestingly, the respondents to the RICS survey reported that they believe there will be particularly strong demand for any properties with gardens for the foreseeable future. In fact, 83 per cent of those questioned expect demand for homes with outdoor spaces to continue to be strong for the coming two years.
Of course, whether you want to sell depends entirely on your circumstances and every property is different, but the market certainly seems to be improving following challenging circumstances just a few months ago.