We are in high summer! Schools are out and the weather is getting warmer, well, intermittently at least…  So life is feeling vaguely ‘normal’. For the property market it feels like the first flush of spring when activity usually begins to increase – this is a result of the REALLY good news about the Stamp Duty holiday on the first £500,000 of any property purchases announced by Rishi Sunak. As a direct result of this, Rightmove suggests a typical UK saving of around £7,000. Here in London most buyers will save the full £15,000 (see our e-zine for details) and that includes buy-to-let investors and many first time buyers. That’s quite a chunk of money – roughly the equivalent of installing a mid-range kitchen – and is serious motivation for anyone who’s considering a change of home. The reduced rate will only last until 31st of March next year though so you’ll need to get a move on especially when you consider the average sale takes approximately 12 weeks to complete. As most of us are planning on sticking around this summer because of travel restrictions that shouldn’t pose too much of a problem!

Even before the announcement, the market was doing far better than people had predicted. Pent-up demand had been building since the election and was then augmented by the many who had decided to move-on during lockdown. When the market re-opened in May, Rightmove reported record traffic levels to their website and these levels were maintained through June. Guide prices rose by 2.4% and the majority of sales were coming very close to achieving their guide price – 97.7% (Rightmove). Our own experience is that there are some excellent buyers out there with very specific requirements. Many have been looking to buy for more than 6 months and have seen everything that is currently available. We are also appraising a higher number of properties during the summer period than normal, the majority of which have been considering marketing since 2019 but have been delayed by the election and the pandemic. The outcome is that we are seeing an upturn in sales and a growing crowd of happy buyers and sellers and we have achieved higher prices on all house sales since Lockdown than we would have before!

If I have one piece of advice for potential sellers it’s “get your paperwork 100% up to date and available”. Solicitors and lenders are asking for; planning permissions, building regulations completion certificates, gas, electrical and FENSA (for new windows) certificates, leasehold and freehold details – to name just a few of the documents you should have ready BEFORE you put your property on the market. Dig out your guarantees and find out how to request accounts from your freeholder and what works are planned for the next 3 years. There’s plenty to organise. We are working with a local West London provider called Chimni who describe themselves as “Helping homeowners 'Get Their Ducks In A Row'” – do visit their site at www.chimni.com. I have been using it myself and am amazed at the amount of information I am holding in filing cabinets and briefcases!

The Lettings market is also surprisingly strong as lockdown eases and people start returning to work. New tenancies across all property types from studio flats to family houses have picked up dramatically with more new tenancies starting in July than there was collectively in March, April and May. New legislation on electrical safety came into force on 1st July and all properties now require a satisfactory electrical safety certificate before a tenant can move in. These certificates have a 5 year life span and join the gas, carbon monoxide and fireproof furniture requirements that are making rented property increasingly safe for the consumer.

Our international team based on the French Riviera are experiencing hotter temperatures than us here in the UK, that is why having your own personal roof top pool at these times of the year could be a refreshing treat – click here to see one of the latest designs in Monaco of architect Jean-Pierre Lott.

Back to UK sales… If you add the stamp duty holiday into the mix there’s a window of opportunity that doesn’t come along all that often. That’s for both buyers and sellers alike. So don’t miss out. Yes – moving home does involve a little more planning than it used to pre-Covid but we can help with that. All you need to do is get on the phone and we can get the ball rolling.

That’s all for now but I’ll be back again next month with an update on how the summer property market is progressing.

Teresa Brewer FNAEA MARLA