The UK housing market starts autumn with momentum following a post-lockdown mini-boom, making summer 2020 busier than usual. Buyer demand has soared, up 34% on a year ago according to Zoopla, while supply to the marketplace is at its highest level since March 2008, according to Rightmove. Over 81,000 property sales were recorded in August, which is up 15.6% on July, with competition in the market leading to one in eight properties selling at or above asking price. Larger properties and those with gardens are proving immensely popular, with the impact of COVID-19 set to have a lasting change on our home and work lifestyles. Price growth is strongest across the East Midlands and the North West, but across all regions the trajectory is positive.
Both the economy and consumer confidence have both shown signs of improvement throughout the summer. The economy grew by 6.6% in July (ONS), however it remains over 11% lower than pre-lockdown, while consumer sentiment continues to rise, albeit slowly. Recovery remains cautious as the government grapples with balancing the economy and public health. Stamp duty holidays across the nations offer a saving for many buyers, however, while interest rates remain low, a reduction in high loan-to-value lending products is impacting first-time buyers.
In the lettings market, as with the sales sector, demand for rental property increased over the summer, although new instructions remain muted, a continuation of the pre-lockdown trend. Average rental values across the UK rose by 1.5% in the year up to August, and yields remain attractive. Increased demand and a shortage of supply in many areas should help underpin rental values over the coming months. Just 13% of tenancies expire during the final quarter of the year but landlords will be keen to avoid unnecessary void periods.
Properties are selling quicker than they did a year ago, and latest mortgage approvals suggest the market is returning to more ‘normal’ levels. However, the forced pause in the housing market means 2020 sales levels will no doubt end below those of 2019. UK house price growth is at its highest level in over two years and revised forecasts anticipate property prices will end the year 2% higher, a significant reversal to the negative expectations anticipated as the market reopened. Interest rates are predicted to be held at 0.1% until 2022 offering hope of favourable buying and selling conditions for the foreseeable future.
Brrrr it’s starting to feel like winter! As my daily alarm goes off its pitch-black outside, cold, wet and hardly the most inviting time to go out on a run. I’ve set myself a target of 4 miles a day, I thought this would be a realistic target to try and get myself back into running. Last year I ran two marathons and have had lots of niggling injuries since and a little loss of motivation. What a few weeks it has been for professional running though, seeing Eliud Kipchoge run a marathon in under two hours was just incredible and so inspirational! It’s certainly given me encouragement to get back out on the pavements again!
In Kenilworth over the last full month of October, the market indicators were very positive with the total number of homes sold above year on year data for the second month in a row. We have been very busy improving our offering with a great balance of modern and traditional marketing methods which have, without doubt, contributed to our recent success.
One of the things we are very excited about is the recent launch of our ‘5-step Strategy to Sell Your Home’. A proactive guide that has been designed to remove all obstacles that can get in the way of a successful sale. This will soon be available to download form our website with the aim of being a genuinely helpful guide to anyone marketing their home.
As the chosen agent for the Guild of Property Professionals for the Kenilworth Area, we have access to the London Property market via our associated office on Park Lane. This has proven invaluable particularly to the upper end of the market as we have an interactive window display in the heart of Mayfair!
We’re all really hoping for a great end to the year and if anyone out there has any questions or would like any help or advice be sure to get in touch at email@example.com. For any keen runners out there, feel free to connect with me on Strava!
Nick Luntley MNAEA – Director Elizabeth Davenport.
What a fantastic time of year Autumn is; the Football and Rugby seasons are in full flow; the housing market is busy and yes Bonfire night looms on the horizon!
October has been a surprising busy month for property transactions in the Kenilworth Area, I for one predicted a slow down as the much-debated Brexit deadline came ever closer. In actual fact the opposite has happened. Although or data sample is by no means representative of the whole region, our data shows an annual increase in buying activity from last year. Could it be the case that people are ‘getting on with it’ and taking advantage of continued low interest rates and stable market conditions? Who knows but one thing is for certain it is becoming harder to predict which way the market will go next. Soon we will be into November, one of my favourite months of year mainly due to bonfire night!
We are very lucky in Kenilworth to have one of the best annual Bonfire Firework displays in the country. What a backdrop, the castle beautifully illuminated, the warmth from the bonfire drifting across the field! I have a huge personal affection for this special night, I have been a regular attender for almost thirty years! I was first taken by my grandparents as a toddler and I now help run the show in my thirties as part of Kenilworth Round Table. I have literally grown up with this magical community event. If anyone reading this hasn’t made that trip down Castle Road on a chilly November evening, I would strongly recommend it! The benefits of doing so are two-fold; being part of such a great community event is one thing but by doing so you are actively donating money that is put to excellent use. All of the money raised goes directly to local charities and worthy people living in the Kenilworth area.
Now I am involved with the organising I fully appreciate how lucky we are as a town to have such great local people who give up a huge amount of their spare time for free to help make this event truly special for children and adults alike. The display is held on Saturday 2nd November with tickets available online and in a number of local businesses in the town.
If anyone reading this is attending be sure to say hello, I’m on the road closures around Castle Hill but I’m hoping to make it into the castle just in time for when the show starts!
Elizabeth Davenport attended Kenilworth School’s career’s fair at Castle Sixth Form last Tuesday. World Cup fever was in the air and the team at Elizabeth Davenport decided to have a bit of fun and run a World Cup competition for the students. The prize at stake was a brand-new England home shirt, all the students had to do was answer one simple question…
The question was; how many properties were currently available to buy in Kenilworth?
More than 30 students took part with guesses ranging from 105 to 4,438!
The winning guess was made by lucky student Louis Perry who guessed 178 which was only 8 properties away from the actual figure of 186!*
Nick Luntley, a Director & Branch Manager at Elizabeth Davenport, who was also a former pupil of Kenilworth School said “we were delighted to meet so many keen and enthusiastic students and only hope we were able to offer some genuine insight into how small business and the property industry works. It was a slightly surreal experience for me as the last time I was in this hall I was sitting my final A-level exam nearly 14 years ago! The England shirt competition was just a bit of fun that hopefully gave students a small incentive to come and speak with us!”
“It’s a shame the football didn’t quite work out how we all wanted but I’m sure Louis will still be wearing his new shirt with pride. I’d also like to extend a special thank you to Marie Brennan at Kenilworth School who organised a fantastic day for all the students”.
Elizabeth Davenport regularly support students and school leavers by offering work experience places throughout the year. If this is something that would be of interest please email either Nick (firstname.lastname@example.org) or Mark (email@example.com).
*Figure provided by Rightmove.co.uk on the day of the competition.
Elizabeth Davenport Director Nick Luntley is running the London Marathon later this year in order to raise money for the very well known national charity Scope. Nick who is a keen runner has never ran a marathon before but is looking forward to the challenge of distance runnings greatest test!
Nick who runs for Massey Furgusson Running Club, is looking to raise £2,000 and his efforts were given a massive boost with the very generous donation made by Band Hatton Button Solicitors who have put forward £1,000.
Nick Button who is a partner at Band Hatton Button said “we are absolutely delighted to support Nick in his marathon effort for such a worthy charity in Scope. All I can say to Nick in regard to the marathon itself is, rather you than me!” Nick who works out of both the Kenilworth and Coventry branches at Elizabeth Davenport said “I’m absolutely delighted with the support shown from Band Hatton Button when I approached them for some support I was absolutely delighted they said yes without a moments hesitation. Scope is a fantastic charity that I’m proud to support. I know once this is all over I will be able to look back with great pride about the amount of money raised and the lives we will have been able to improve.”
The annual capital marathon event is ran from Greenwich in south London and finishes in on The Mall right outside Buckingham Palace. This year there is a fantastic field of elite athletes including the famous Kenyan athlete Eliud Kipchoge and Great Britain’s Olympic hero Sir Mo Farah.
The London Marathon is on Sunday 22nd April and there is still time to support Nick by making a donation to his just giving page https://www.justgiving.com/fundraising/nick-luntley