July Market Update
Every month Louise shares updates on what’s happening in the local property market.
June has been a hectic month for the local property market. As the Land Transaction Tax holiday deadline loomed, we saw record levels of activity in our office.
I don’t think the reduction in the property tax had as much effect as it did across the border in England.
That’s because the savings were much more significant there.
To get the market moving, the Land Transaction Tax break worked, but I believe post lockdown, the number of people wanting to move would’ve been high anyway.
This has been proven and is a UK wide trend. People have spent so much time at home these past 15 months that they realised they wanted more (or in some cases) less from their property.
Another post lockdown trend is the amount of people looking to buy in North Wales from out of the area.
These tend to be people from the bigger cities in England and other parts of Wales, who can now work from home more and only need to commute infrequently.
This is driving the price of property up locally.
I think that prices locally have been depressed since Brexit. There was a lot of uncertainty about leaving the European Union for several years. Once that was finally confirmed, we were hit by the pandemic.
Now I can see that prices are rising to where they should be – there is still great value for money to be had buying locally, and for sellers the increases are very welcome.
For example, the average price for a semi-detached house in our area is currently £167,000.
There has been an increase of 9% over the last year and 18% increase compared to 2018!
So, to summarise I think we’ll see a very busy couple of years as life returns to normal and demand for properties in our area remains high.
Thanks for reading.
Louise