Our Co-Director Ildi Toth shares her thoughts on Rutland’s housing market, as latest data confirms buyer demand is the strongest it has been since we came out of ‘lockdown one’… meaning now could be an excellent time to be putting your home on the market.
Despite households being forced to spend Valentine’s Day at home this year, love is in the air across Rutland as house selling weather forecast, PropCast, has revealed which postcode districts home buyers have fallen in love with the most since the property market reopened following ‘lockdown one’ – bringing hope to thousands of local homeowners amidst COVID-19 uncertainty.
The study examined the percentage of homes for sale that were under offer or subject to contract in July 2020 and now, to see which properties were located in a hot sellers market where it’s easier to sell, and which were in a cold buyers market where it’s harder to sell. PropCast then worked out the percentage differences for each between the two time frames to see what effect the pandemic has had on buyer demand levels, and therefore the potential for house price growth, the most.
Despite being in the midst of a pandemic, February’s data shows all postcode districts in Rutland currently sit in a hot sellers’ market, which suggests buyer demand is very strong, and it’s easier to sell. Whereas in July 2020, 88% of postcode districts in Rutland were in a sellers’ market, and 12% in a buyers’ market.
NG33 recorded the highest market heat temperature at 69°, meaning 69% of homes for sale are currently under offer or subject to contract. This is followed by NN17 (67°), LE13 (64°), PE9 (61°), LE15 (59°), LE7 (59°), LE14 (58°) and LE16 (57°).
When comparing July 2020 to February 2021, PropCast has noted buyer demand has risen for all postcode districts in Rutland, with LE14 seeing the highest growth at a staggering 93%, followed by NG33 (+77%), PE9 (+69%) and LE15 (+64%).
So what are our thoughts?
I am not surprised that Rutland has seen the biggest rise in buyer demand since July last year. Our properties have been flying off the shelves during this pandemic, as buyers tap into the appeal of this lush green county. Rutland has a relaxed, rural character and vibrant community spirit, with a wide range of lifestyle-enhancing options available to residents, with water activities being incredibly popular. Often, the county is compared to the Cotswolds due to its rolling countryside hills and cute stone villages. Being centred in England, Rutland also has excellent road and rail links offering easy access to the North and South, and boasts some of the country’s finest schools to include Uppingham and Oakham, with easy access to Witham Hall and Oundle too. Given how quickly our properties have been selling through all three national lockdowns, it is very clear to see that lifestyle options like these are now just as important as bricks and mortar. If the first lockdown has anything to teach us it’s that buyer demand does not diminish in a lockdown, it just gets deferred causing a further spike when restrictions are lifted.
If you’re considering selling, now could be the best time to be putting your house on the market – it’s not just Rutland we are seeing record high levels of buyer demand. You can contact Jan or I on 01780 750 200 for more information about how we promote homes to the widest possible audience with our award winning marketing services, and/or to arrange a no obligation market appraisal.