A BOOM MARKET?

Since May demand for good quality houses in Norfolk and Suffolk has been exceptionally strong; no doubt people have been reassessing their lives in larger towns and cities and our quieter way of life looks more attractive and safer.

This coupled with a low supply of property coming to the market has caused the market to rally to a greater extent than we had dared to hope.  Some might say we have seen a mini-boom, but we haven’t…it’s been a maxi-boom.
 
Mini-booms occur when there is above average activity.  Maxi-booms happen when buyers are queueing up, there are multiple offers for most properties on the market, and deals regularly go to best and final offers only to exceed their original guide prices.  This is what we have experienced this summer.
 
Since the general lockdown ended our phones have been ringing off the hook and the numbers have skyrocketed; requests for viewings, offers and sales agreed are all at record levels.
 
Many things have changed since the pandemic hit our lives.  One of these changes is in the attitude of city-dwellers to how and where they are living.  A demand for more spacious and environmentally healthy living is driving the market.

 
Another change this summer is the government’s temporary reduction in stamp duty that has not only helped many second and third step buyers, but also has galvanised holiday home and buy-to-let purchasers.
 
As we head into autumn amidst all these changes, our phones are still ringing and there is no let-up in demand. We don’t know how long this surge in demand for property will last, but for buyers and sellers right now it is a boom market.