A BOOM MARKET?
14 September 2020
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.
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.
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.
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.
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.