Leicester, Leicestershire and Rutland property market has brilliantly bounced back!
30th July 2020
30th July 2020
It is safe to say that the world has been through, and continues to go through unprecedented times with the Covid-19 pandemic and the huge, sad affect it has had on people’s health and the huge downturn on economic wealth.
Back in March when Boris told the country that we were going into a formal lockdown, the Bank of England predicted that house prices would fall somewhere between 15 and 20% with Halifax and Nationwide predicting in the region of 10%.
Here at James Sellicks Estate Agents we are delighted to say that these predictions have not come to fruition, and that the housing market has been incredibly resilient to Covid-19 and has bounced back superbly since the lockdown was lifted.
As a group we currently have £25 million worth of stock sold subject to contract and in solicitor’s hands. In June we arranged in excess of 500 viewings across Leicester, Leicestershire and Rutland, listed 38 new properties to the market and completed on 18 sales.
Buyers and sellers alike are taking advantage of the new stamp duty break which lasts until March 31st 2021, where there is no tax up to £500,000. This is a huge saving to people, who are not having to add it to their mortgages and as a company we are advising all prospective sellers to list their property for sale whilst these buyers who perhaps would not have been out there looking are now.
Nationally the housing market is back as pent-up demand helps sales top last year’s figures. Figures from TwentyCi showed that 24,341 homes were sold subject to contract last week, compared with 22,880 sold for the same period last year. Zoopla said that sales had risen 137% since the market reopened on 13 May and demand is 54% stronger than before the lockdown.
Please contact James Sellicks Estate Agents to have your home valued.