Clare Phillips, Partner at Phillips George looks at current trends in the local housing market
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During this new period of lockdown, Phillips George is open for business and you can put your property on the market, knowing that the market continues to be buoyant and your property sale is in the right hands.
Is now the time to sell your property?
Clare Phillips, Partner at Phillips George looks at current trends in the local housing market.
With the current situation with coronavirus and the introduction of greater, flexible working opportunities, people are reassessing their lives and the way they live. Despite the onset of a UK recession, a major decline in UK house prices is unlikely, with a house price growth increase of two-three per cent predicted by the end of 2020.
Last year first time buyers were the biggest group of purchasers. October 2020 data shows existing homeowners to be the biggest group of buyers this year, with 75 per cent of those aged over 45. Older homeowners traditionally moved home less often, but the impact of the pandemic may have started to change this historic market trend, as more older home owners decide to move on.
People are thinking more about how and where they live in the wake of lockdown and this means between June to August the UK housing market witnessed a significant increase of 31 per cent in sales agreed in rural areas, compared to an 18 per cent rise in urban areas.