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housing market update

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Published: 01/10/2020   Last Updated: 01/10/2020  
Tags: Covid

What is the true state of the housing market in Feltham, and what effect has Covid had on house prices? During the early stages of Covid, the most regularly asked question was, "are prices dropping/"  the media reports suggested that prices would drop, due to unemployment, and a poor economic outlook, in fact, the opposite happened, we have seen price increases of between 5 and 10%, just in 3 months. The reasons for this are, obviously the stamp duty holiday, but also the pent up demand caused by the initial lockdown, and also, the fact that with Pensions, Isas, and the stock market showing poor returns, Housing is looking pretty safe, and with a rental return of around 3%, although lower than before, still much higher than elsewhere. The majority of sales are taking place to investment buyers, and second time movers, and the North Feltham area towards Hounslow, proving particularly desirable. Flats are not enjoying the levels of interest that houses are, and prices have not risen at all, the lack of first time buyers, the desire to have a garden, problems concerning cladding, escalating ground rents, and the Lenders now asking for 15% deposits instead of 5% deposits, have all combined to depress the flat market, prices have to be keen to sell. These are the best selling conditions we have seen for 5 years, the volumes have increased dramatically, which has had a knock on effect for solicitors, who are struggling to process the increased number of transactions, this means that sales are now taking much longer to complete, we can only hope that the Stamp duty holiday will be extended beyond March, to continue the market recovery, and with the conclusion of Brexit negotiations, we may need it. If vendors are considering a move, provided we can find you a buyer before the end of October, the Stamp duty holiday deadline of the end of March, should be achievable.  Martin Ludeman  Director