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Anyone trying to forecast the property market since it opened post the first lockdown must be scratching their heads! Trying to predict house price movements which are, to me, mostly based on consumer behaviour, is a tricky task. Most other markets I’ve worked in such as food, household goods, drink and the pet industry, have long term trends which are fairly similar year after year. That’s not the case in the property market and the last 12 months’ surprise changes in people’s attitude to property continues to confound the punters – including me!
It’s great to see new indices with more information about moving home to come to market, and both OnTheMarket and reallymoving have come up with very different ways of adding to our understanding of what’s happening. Read more to find out how can these new property indices can help us understand the market better.
The indices this month are still incredibly positive, despite the end of the Stamp Duty/Land Tax holiday. All are reporting the market is slowing versus the run up to the end of June, but versus previous years, demand is still incredibly strong, while the amount of stock coming onto the market is weak in most areas. Perhaps the most exciting thing from a property price/home moving index perspective is the launch of two new fascinating indices. One from OntheMarket and the other from reallymoving.com which compares costs for solicitors, surveyors and removals for home movers. Both of which give us a better understanding of the overall housing market with their different analysis.
Latest research from Halifax shows that Londonderry tops the UK’s most affordable cities. They state that the cost of an average UK city home is now 8 times earnings, up from 5.6 in 2011, while Londonderry remains the UK’s most affordable city, at 4.7 times earnings. Where is the most unaffordable? Read more to find out.
This report is to help give everyone – industry and consumers – a quick five minute guide to what’s happening in the property market, according to the property indices, along with property expert Kate Faulkner’s comments. Read more to find out which cities and towns are performing well or struggling; how to use the town/city data when buying or selling or assessing your own property market as a professional; why demand and supply can be very different for a sale and for a purchase within a local area and much more.