Lesley from our Whitehaven team looks to a genius to make some sense of a property market, the like of which we haven’t seen since the 1980s.

What Isaac Newton, who formulated the laws of gravity in the middle of the 17th century, would have made of the current gravity-defying property market is anyone’s guess. But no doubt, like most people, he would have been flummoxed.

Even a genius like Newton, who worked from home during the plague of 1665/6, might have had difficulty making any sense of this mad market. Despite a global killer pandemic, millions of people out of work, the nation in lockdown, pubs shut, travel halted and the Treasury handing out billions in support of businesses, jobs and mortgages, the property market boomed – and it continues to do so. It should, by any calculation, have plummeted like an apple from a tree. Instead, the market didn’t fall; it held itself in suspended animation for a while before surging upwards.

By any estimation the market should at least have mirrored the slowdown experienced after the great recession of 2008. Yet prices are rising.

But perhaps we can learn something from Newton, whose third law stated that to every action there is an equal and opposite reaction.

Homeowners and homebuyers reacted to Covid by moving from large urban centres and buying bigger properties in less crowded areas where they could work from home at least a few days a week. At the same time historically low interest rates kept mortgage repayments manageable, and the amazing vaccine programme has generated confidence.

It wasn’t long ago that property professionals were preparing for the worst. Now the market, which is experiencing very low levels of stock, is seeing increasing values with selling prices in some areas often exceeding their asking prices.

Growing numbers of sight-unseen sales, ultra-competitive bidding through all price ranges and the ugly re-emergence of gazumping are sure signs of people who are panic buying and a crazy property market in boom mode.

Lesley Waugh | Whitehaven

Harriet Simpson, manager of our Penrith office, looks at how property buyers’ interests and demands have changed over the past twelve months.

Covid19 has changed many things in our lives. It has altered our outlook, our expectations and our ambitions, and it has changed the way we live or want to live.

Over the past year we have experienced this in an evolving list of property buyers’ aspirations. Oh, the usual essentials are still there – right price, enough room and attractive location – but now a secondary list of important requirements has appeared as buyers seek to change their lifestyles in the light of the pandemic.

Here are some of the important features being sought by post-Covid buyers today.

1. Zoom Room

Homebuyers are attracted by a dedicated office space for home working.

2. Homecation Facilities

Not everyone wants a pool, but room for some little luxuries is proving popular.

3. Multigenerational Living

With more millennials and GenZs moving back home, and room needed for housing elderly family members, the hunt is on for adaptable properties and those with space to extend.

4. Gourmet Kitchen

During lockdown many people brushed up on their cooking skills or even learned from scratch. Now the demand is for better-equipped kitchens.

5. A Garden Oasis

Lots of us have discovered gardening during the lockdown while others want room to play and exercise. More people than ever are seeking good outside space following the strict social distancing rules.

6. The Suburbs are Back

A little more space, lower prices and happy communities are driving buyers out from big cities. But some buyers aren’t quite reaching the countryside.

7. The Health Conscious Home

Zoom fitness classes and networked exercise machines mean areas for wellness are a top priority.

8. Space for the Pets

Pet adoptions increased in 2020. Many homebuyers are looking for pet-friendly features. Most are thinking about cats and dogs, but some are thinking about horses.

9. Seating for Eating

Increased cooking expertise and a desire to spend more time with family and friends has meant a stronger focus on larger dining spaces.

10. New Homes

A home with the patina of age is important to many. But to others a new start often means a brand new home where a clean slate and customised fittings can help to begin things afresh.

If you are thinking of selling your property and it has one or more of these features, please call us for a chat, our friendly team would love to assist you.

Harriet Simpson | Penrith Estate Agency Manager 

Admiral Nelson is revered for winning the naval battle of Trafalgar more than 200 years ago but he is also famous for disobeying his orders!  He once put his telescope to his blind eye so he could “accidentally” ignore the signal flags from his Commander and do his own thing.

This ability to choose what to look at, and what to pretend isn’t there, is something we all occasionally do, even if we’re unaware of it.  Don’t we all turn a ‘blind eye’ to the things we don’t really want to see?  Of course, it is tricky to strike the balance between the pro’s and con’s of significant decisions facing us and that’s never truer than now, as hopefully we begin to emerge from a period dominated by the Covid pandemic.  Nevertheless, we at PFK have been making plans (yes, really!), trying to strike that balance to provide a service which is safe and productive and even, if I dare say it, enjoyable!

What many of us have missed most is contact with people, face-to-face encounters not reliant on a Zoom meeting, amazingly useful though that technology has been.  So, we are refurbishing my office on Keswick high street to create a safe and welcoming space for you to discuss your requirements with us in person.  Almost nothing is more stressful than buying or selling a property (although I’d argue that a day spent with my 2-year-old comes pretty close!) and I believe it’s crucial to provide the opportunity for your requirements and concerns to be properly talked over face-to-face.

Call me old-fashioned?  Since when did a high standard of personal customer service become obsolete?  We at PFK remain as committed to it as ever, supported of course by the latest technology, and combining the advantages of both.

People from all over the country will continue to view the Lake District as a wonderful place to live as well as a superb holiday destination, perhaps even more so now since the word ‘staycation’ has entered the English dictionary.  So, if you’re thinking of buying as a home or as an investment, or wish to discuss placing your property on the market, please do get in touch.  Perhaps I’ll get a bag of Friars best chocolates (hygienically wrapped) to share with the first 2 human contacts in the office!!

Looking forward to seeing you once again…

Hannah Sims – Manager – Keswick office 

We know there’s a property boom when adverse events that might otherwise have knocked the market off course fail to do so. Whilst we entered into Lockdown 3 at the beginning of the year it did not dent the enthusiasm for property purchase, nor did the threatened end of the stamp duty holiday or the potential post-furlough unemployment spike.

In fact, we are now seeing a property buying demand reminiscent of the 1980s boom.  It’s clear that the public is back in love with home ownership and demand does not appear to be subsiding!

The extension of the tiered stamp duty holiday, which will now finish at the end of September, gives buyers who had put things on hold the opportunity to save money and still have the move of their dreams. The budget also included a mortgage guarantee scheme to help people get on the property ladder by offering incentives to lenders to provide 95% mortgages.

We all look forward to the stepping stone retreat from lockdown and as many people continue to plan new ways of working between office and home, there are compelling new opportunities for buyers looking for their first homes or for buyers looking for homes with more space in different surroundings.

Whilst we may see holiday home and investor buyers in the market, we also see strong activity from local buyers. We have property experts on hand to help you with your house move, so if you need any help and assistance, please call your nearest PFK office.

Lynne Lancaster – Head of Estate Agency 

According to the Nationwide, January 2021 saw a house price growth of 1.8%, the highest growth since November 2018.  Mortgage lenders are also saying they saw an increase in mortgage applications and approvals, all of which is encouraging and it doesn’t end there.  PFK continue to see new instructions gain an enormous amount of interest and therefore buyer confidence appears to be back!  In fact, it would be fair to say that demand is currently outweighing supply as we see people want to move and therefore certainty is definitely replacing uncertainty. The news of the extended Stamp Duty Holiday to 30th June 2021 should also encourage home movers.

PFK are a team of local people who are property experts and our aim is to help our customers on their property journey from beginning to end.  We have our own in-house marketing team who are able to provide professional drone videos, photographs and targeted social media campaigns in order to put your property in front of a specific audience and achieve the best results.  Quite often our marketing campaigns on social media and to our registered buyers provide us with a list of buyers/tenants before going live to the wider market!  However, it is not about selling your property quickly it is about marketing your property right, finding a buyer that suits you and achieving the best price – that is the most important factor!  When PFK agree a sale or a rental, we are there with our customers until we achieve signed contracts and this has been especially important within the last year.  It was suggested in the last 3^rd quarter of 2020 half (52%) of house sales in England and Wales fell through before completion.  So, having an agent who is keen to find you the best price and then progress the sale after it is agreed is essential and an important tool in the PFK package.  We use our experience, enthusiasm and customer service to make sure there is an end result – we don’t just leave it with the property lawyers, we actively help and assist where we can.

If you are considering selling, renting or buying and you want an agent who is proactive and works for you, then contact your local PFK expert who will be able to assist you in relation to your property journey.

PFK continue to be here to support our customers safely in a way that’s convenient for them.  That can be in person, over the phone, by email or via video appointment.  We will continue to make sure we protect our staff and customers.

Lynne Lancaster, Head of Estates. 

A Stamp Duty e-petition has raised over 100,000 signatures and therefore MPs and the Government will now debate the stamp duty deadline and consider the arguments put forward to extend it.

The Northern Research Group wants the Chancellor to consider extending the stamp duty holiday for a further year however that is perhaps a little optimistic.  Tim Shipman of the Sunday Times commented yesterday “contrary to some reports Rishi Sunak is considering an extension to stamp duty cuts”.  There is also the suggestions that the government may change property tax in the future with the possibility of one new tax replacing the existing stamp duty and council tax levies.

So the stories go on but what the consumer, conveyancers, developers and we as agents need now is clarity and sooner rather than later!

https://thenegotiator.co.uk/stamp-duty-petition/

Lynne Lancaster, Head of Estate Agency.