The property market, despite the current pandemic and resulting social and economic circumstances, is surprisingly buoyant and remained so throughout lockdown. So why is this?
There are a number of factors which have resulted in Hastings and surrounding areas and particular East Sussex holding strong on the property market.
1 - Working from home has dramatically increased due to A) the technology has dramatically improved over the last few years, having seen this directly having worked in cybersecurity/remotely for years. B) businesses are looking favourably on this due to increased productivity/reduced cost.
2 - Without the long commute, workers are looking to push further out into the countryside/seaside, which East Sussex is a perfect target for.
3 - Property prices are significantly lower in and around East Sussex the further out you push.
4 - The pandemic has forced people to re-assess what's important and make changes to their lifestyle.
5 - The stamp duty holiday has supported the property market and continues to do so.
What's the market looking like? Read the report for yourself.
1 - House prices are holding strong and have actually increased.
2 - Mortgage approval rates are up.
3 - Number of properties on the sales market are up 15% on August.
4 - Stamp duty saving so far in St Leonards and East Sussex is £572,000.
1 - Demand is high, with fully qualified tenants demanding rental properties.
2 - Rental property stock is low, possibly due to the sales market/additional protection for tenants.
3 - Average rental prices are up.
For more information on the property market in the South East, click on the report!
CONTACT ENQUIRIES@JOHNBRAY.UK OR 01424 421 544 OR https://www.johnbray.uk/contact