Saturday, 17 April 2021

Agents’ confidence remains very high

LAW firm Blandy & Blandy has canvassed estate agents’ views on the outlook for the Thames Valley property market in 2021 and beyond.

The firm, which has an office in Thames Side, Henley, invited more than 35 estate agencies to share their predictions on what may lie ahead. The results were as follows:

• 44 per cent believe that the current stamp duty “holiday” will be extended by the Government, while 56 per cent think it will end on March 31.

• 42 per cent predicted that house prices in the region will remain flat throughout 2021, whilst 33 per cent expect a fall of up to five per cent and 25 per cent suggest prices will increase by up to five per cent.

• Forecasts for 2022 were more optimistic, with only 17 per cent expecting prices to remain flat and 25 per cent saying that prices will drop, while 58 per cent predicted that prices will rise next year.

• 60 per cent of agents felt that the supply of new build homes coming on to the market will increase in 2021 versus last year, while the remaining 40 per cent predicted that levels would remain the same. None suggested a fall.

• In terms of overall market activity this year, in comparison to 2020, 55 per cent predicted a flattening in the number of transactions, 12 per cent an increase and 33 per cent a decline.

• 70 per cent described their confidence in the Thames Valley’s property market as “very high” or “high”.

Blandy & Blandy associate solicitor Manisha Bhula said: “This week the Bank of England has predicted that economic growth will recover rapidly in 2021, thanks to increasing consumer confidence and spending as a result of the so far successful vaccination programme.

“And PWC/Demos’ Good Growth for Cities 2020 report has ranked Reading second in a list of UK ‘cities’ that are best placed to withstand the economic shock resulting from the pandemic and to stage a strong recovery.”

Blandy & Blandy’s award-winning residential property team can help if you are considering a move in 2021.

The firm, which is accredited by the Law Society’s Conveyancing Quality Scheme, also has offices in Reading and London.

For more information, visit www.blandy.co.uk, email law@blandy.co.uk or call 0118 951 6800.

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