After many sectors have had an incredibly difficult year, The Lake District property market has thrived, with many looking to move to the country and with the increase in UK holidaying the demand for property in the area has sored but the supply has slowed down. At the moment here it is almost certainly a seller’s market, with many properties launching and selling within weeks.
When you are buying from out of the area significant problems can arise due to the distance buyers maybe from the area putting them at a disadvantage in relation to the speed they are able to act. I speak to many people and the conversation is always the same, that they have missed out on multiple properties and by the time they get to The Lakes it has then gone under offer. The benefit of using myself is if the perfect property comes on the market you can call me and I will go ASAP meaning you get to see a video of the property both inside and out showing you everything you need to know enabling you to make an offer on that property.
At the present time, we had a mini launch in November after the lockdown had ended, so it was unclear if The Lakes would see the flurry of Boxing day properties launch as in previous years. Having watched the market over the last few days there are a few new properties but not the usual volume we would normally see, I am putting this down to the mini launch during November.
Having spoken to many of the local agents they are still expecting a number of properties to come to the market during January so it is definitely worth keeping your eyes peeled. Larger properties with their beautiful gardens tend to wait till the spring when they can showcase their properties best features because of this we may see a little lul in February and March followed by a picking up in the spring months. With the cut-off for stamp duty looming purchasers would need to secure a property within the next few weeks to guarantee a completion to make the saving, Many of the property bodies are lobbying the government for an extension to the stamp duty holiday in order to further boost the property market, however at this stage, it would seem that the deadline remains the same, but I don’t believe anybody can predict what the future holds with regards to further lockdowns, extensions stamp duty.
It is also worth noting that due to furlough and the tightened lending criteria, borrowing has become harder and the number of properties been relaunched back onto the open market following an aborted sale have definitely increased, whilst this can be due to a number of reasons, it makes buying positions even more important. The more this happens then the more estate agents and sellers will look more favorably at your position for example as a cash buyer, whilst we can all agree that lending is at an all-time low it is worth investigating your options when it comes to buying and the best possible position you can put yourself in, as it is highly likely you will be up against another party.
So in summary depending on the type of property and area you are searching in will then guide the amount of competition you then face as a purchaser. Currently demand is high and supply is low but I do expect January to provide an increase in new properties to the market, unfortunately at this stage nobody can predict what happens after that as it will all come down to future lockdowns and external factors…..but It is always worth remembering that the property market in The Lakes is very different from anywhere else in the country!
Have a great New Year