What’s happening with the property market in The Lakes?
The property market in the lakes remains strong and highly competitive. Prices are still on the increase for many homes, particularly in the central Lakes. Due to the lack of available homes on the market we are once again in a bottleneck situation with multiple buyers trying to purchase the same properties.
Estate agents are warning buyers prior to viewing about the level of interest and the expectation for the agreed sales figure to go over the asking price. This is further driving prices up in the area & enabling them to obtain the best possible outcome for their clients (the owner).
Recently there has been a higher number of properties available in places like Bowness, compared to Ambleside. Meaning for the first time in my career the agreed purchase prices in Bowness are leveling with those of Ambleside.
Some agents have discussed an overall percentage increase in the area, however in my opinion it all very much depends on the particular house, demand & personal circumstances that determine the eventual agreed sales figure.
There is no set over offer percentage that covers all homes. We live in such a unique area that it’s impossible to put an exact percentage increase on every home.
The current hysteria has driven the number of investment buyers down, but those who seek a permanent move or lifestyle change are still looking. With only a matter of weeks before the stamp duty changes come into effect, anybody working within the property industry, myself included is working to maximum capacity in order to make these purchases reach their desired date of completion.
A new emerging type of seller.
Over the last month a new situation has started to emerge in the lakes.
Owners who are wanting to sell are very aware of the potential for their homes to sell extremely quickly, however the speed of the market is not everybody’s cup of tea. In fact I know a lot of locals who are petrified of selling their homes due to being unable to replace it with something else. Whilst they absolutely want or need to move, they are not prepared to risk living out of the area to wait for the right home. Most feel it’s worth staying where they are and moving on when the time is right.
Because of this situation I am approached more and more with off-market homes that might be available in the near future. I’ve been asked a few times recently if I can assist in finding them the right home, then, in turn, my clients can buy their properties. This then enables the whole chain to move.
This is absolutely something i can help with.
Why would anyone sell off market when the market is a sellers market?
This is yet another reason why sellers might choose to let me know about their homes. By working with local sellers and buyers together I am able to bridge the gap between your current home and assistance in finding your next home. This helps to complete the chain and offer everybody a resolution. Some buyers are able to offer flexibility in exchange for off-market purchases, this way the pressure is not on the seller to move out quickly giving them the time to find their next home.
It’s worth remembering it is not always about the money. Yes that’s nice, but sometimes it’s about making sure both parties find the right home and that neither are forced into a rented property miles away.
I recently spoke to a lady who’d been travelling to the lakes every day for three years for work as she’d been forced into living out of the area because nothing ever came up that suited her requirements. With fewer and fewer rentals in central lakes it’s no wonder that sellers would rather go down the off-market route.
What about rented?
Even before Covid hit there was a shortage of rental properties locally & now with a high number of landlords selling homes to cash in their investment, an increase in people wanting to move to the area and a lot of people wishing to rent prior to buying a new home, the numbers of renters has gone through the roof.
Rented property in the area is very difficult to find at the moment and because of this I am currently not taking on any rental clients in the central lakes. The reason is, I honestly feel that I cannot make any promises, and as much as I would love to help everybody that gets in touch, I feel it would be an impossible task at the moment.
What will happen after the end of June?
Over the coming weeks it’s expected that some solicitors will not be able to get stuck into any new conveyancing work until after the 30th of June. This is because they will be working as hard as they can to get the sales already agreed to completion before the end of the month. So don’t be surprised if they apply for your searches, and you have to wait a while. I also fully expect quite a few holidays to be taken by property professionals in the coming months as everybody, myself included, has been working incredibly hard. Long hours are required to keep up a high standard and make sure everybody is where they need to be.
What are my thoughts for the year ahead?
With the uncertainty of foreign travel and the changes to the way many of us work, I do fully expect the property market to continue in a similar fashion over the next six to twelve months. Prior to COVID there had been a good two years with a shortage of properties coming to the market in our area. This has only been made worse by the COVID situation.
More of us will take holidays in the UK in areas like The Lake District. There is also a new found work freedom that enables some of us to live at the opposite end of the country to our employers.
I can see prices stabilizing at some point in the future, however as long as the supply is low and the demand is high then the competitive nature of the current market will continue for the foreseeable future.
I hope those of you that read this find it helpful. If you are thinking of moving to the lakes, or already live in the area and need help in this competitive market, then please don’t hesitate to get in touch for a chat.