Cordelia Smith analyses the post-pandemic property market in Estate Agent Today
Cordelia’s article was published in Estate Agent Today, 28 September 2024, and can be found here.
Cordelia Smith, Associate in our Residential Property department, discusses the evolving landscape of the UK property market in a post-pandemic world.
Cordelia reflects on the volatility that followed the Covid-19 lockdowns, including the temporary SDLT holiday and the market disruption caused by the Truss/Kwarteng mini-budget. While recent headlines suggest a surge in property listings, Cordelia notes that buyer and seller confidence remains fragile due to ongoing political and economic uncertainty, including the impact of the upcoming Labour budget and shifting tax policies.
Cordelia highlights that while interest rate cuts by the Bank of England have helped boost buyer confidence, actual transaction data from the Land Registry paints a more subdued picture. Despite more properties being listed, the number of completed transactions remains lower than in previous years. This discrepancy suggests that while sellers are testing the market, buyers are still cautious. The data shows that activity levels in regions like Greater London, the West Midlands, and the South East are still below those seen in 2021–2023.
Looking ahead, Cordelia points out that legislative changes, such as the Leasehold and Freehold Reform Act 2024 and the Renters Rights Bill, have yet to provide the clarity buyers seek. However, the increased availability of properties and more realistic pricing from sellers offer opportunities for well-prepared buyers, especially those not reliant on selling a property. While it's too early to declare a full market recovery, Cordelia suggests there are reasons for cautious optimism particularly if political and economic conditions stabilise after the November budget.
Read the full article on the Estate Agent Today website [external link].