Since the market “reopened” a couple of weeks ago, naturally, I’ve been keep an eye on things and I have a bold prediction to make: I believe property price are going up.
Now this is for both sales and lettings; we’re going to see an increase in prices over the coming months and this is why:
Now, since lockdown has loosened, I’ve seen tons of enquiries coming in from people looking to buy and let properties. The demand is high.
And what happens when demand is high? Prices increase.
Now, when I say they’re going to go up, I don’t mean they’re going to sky rocket overnight, absolutely not, but they are going to creep up over the next few months and this is good news for the property industry.
One of the things I’m conscious of is that this could be a rush on the market. Let’s face it – people haven’t been able to move ahead with their plans since March and now there’s a spike in those that are ready to get back on the property search.
And then there’s the other side of things; we’ve all spent a ridiculous amount of time over the last few months and it’s got a lot of people thinking; is this where I want to be?
I think we’ve all done it. If you’re in a flat, you’ve been wishing for a garden. If you’re miles away from family, you’ve hated not being able to drive by and have a natter from the front garden. You’ve realised that you want a bigger garden, or maybe you need a home office now that you’re working from home more frequently.
Whatever it is, people are questioning their surroundings and how it’ll impact and benefit them in the long term. This is quite speculative, I’ve got no evidence to support this aside from the conversations I’ve had with my friends and family over our many Lockdown Zoom calls and quizzes. But it makes sense.
Anyway, I believe these factors are going to keep the demand high for a while. And as a result the prices are going to creep up.
It’s not just the enquiries either; we’re seeing more properties going for asking price, rental properties going quicker than perhaps they would have done before.
So what do you think? Do you think prices are going to go up? Have you made the decision to move during lockdown? Let me know!