Trends in 2021
Our homes should the antidote of stress, not the cause of it.
And as Covid-19 has forced most of the country to stay at home for the majority of 2020, luxury property owners are now wanting and expecting more from their surroundings.
We asked James Wyatt, Partner of multi-award winning Surrey estate agent to give us his insight on the luxury property market in 2021.
What changes have you seen to the property market over the past 10 months?
2019 had out-performed previously year by a significant margin, so we started 2020 full of hope. During March, hope turned to despair as we faced up to a full lockdown. However it soon became clear that Londoners were keen to move out to the commuter fringe to gain more space, a garden and local parks. 2020 turned out to be every bit as good as 2019.
Are clients now demanding more from their home e.g. more leisure facilities?
Buyers and tenants are looking for a life-style built in to their home or with facilities nearby. An extra room or two for home working is top of the list (and linked with the need for decent broadband).
For many it is to have a garden or to be near a park. Windsor Great Park /Virginia Water Lake has become considerably busier over the last year.
How has your business adapted in line with Covid restrictions?
Like many, we installed Perspex screens in our front office and started using masks and gloves for viewings. Although we use our office for meetings, we are now largely working remotely. It works really well, but I miss the camaraderie of the office.
Are you expecting house prices to rise in 2021?
Price rises of a modest nature are likely but they will probably be largely in line with inflation.
Has the attitude of buyers/sellers changed in recent months?
Since last March, what has surprised me most is the publics complete acceptance of the restrictions we have placed on them when viewing properties and visiting us. We’ve not had a single occasion when the rules haven’t been followed and that make our job easier.
Have you seen a recent uplift in buyers from overseas now the Brexit deal has been finalised?
No – the restrictions on travel have put paid to that! We have a very International and multi-cultural market, as well as two local International schools, so I would expect overseas buyers to return in due course.
Do you think there will be more competition in the market place?
A very busy housing market usually encourages new players into the market, but I see this scenario as highly unlikely. Whilst the barriers to entry are limited, the ongoing uncertainty with lockdowns will see cash rich businesses survive, and cash poor or new businesses fail.
What are your predictions for the coming year?
My crystal ball has gone all foggy! Q1 and Q2 are likely to be relative good for us. But later in the year, the economic problems we will all inevitably face will probably put some downward pressure on the housing market.
What is clear is that we expect the outflow from London to continue, and for International buyers to return later in the year.
If you would like to talk to SILKS about the luxury property market, please contact us here.