Local Surveyors Direct sees largest property mini boom in 15 years

Local Surveyors Direct sees largest property mini boom in 15 years
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The property website www.localsurveyorsdirect.co.uk reports that it has seen a sharp increase in activity in the UK housing market since the Government put in new Stamp Duty measures earlier this year. It has led to a mini boom of activity, which the company has not seen in 15 years since it started. Other factors that have affected the mini boom include the changes in lifestyle triggered by the pandemic, the increasing rate of immigration and the rise in population.

JJ Heath-Caldwell, managing director of the business, says: “2020 has been a year unlike any other because of the pandemic and it makes it extremely hard to predict. However, the property market has bounced back much faster than anyone could have predicted since the start of the pandemic and the first UK lockdown, with the number of property transactions per month steadily increasing. The reduced rate of stamp duty has had a significant impact.

“Across our sites, we have seen a strong increase in activity, which is promising after everything was closed during both lockdown periods. Figures suggest that activity may even be higher in November and December 2020 than this time last year. Surveyors, Structural Engineers, Energy Assessors, Conveyancers, Electricians, Builders are now all experiencing very high demand for their services. If we are going to call this a ‘mini boom’ in the property market, it is the largest mini boom that we as a business have experienced over the 15 years since Local Surveyors Direct started.”

There are several other reasons for the mini boom including lifestyle factors. Many people are now working from home and are making changes to their lifestyle for the longer term. As reported in The Guardian, the pandemic has triggered a reappraisal of urban living, with increasing numbers fleeing cities in search of greener space. Even for those who are not moving, there is a consideration of a new way of living and the need for more space, as people work from and are at home more. This has led to an increase in building work as people extend their homes. At the other end of the scale, the pandemic has also led to redundancies and with unemployment rising, some people are going to find it hard to keep up their mortgage payments and will have to sell their homes.

Immigration into the country is now running at approximately 700,000 per year and is on the increase, which is adding to our total population, which is growing by approximately 300,000 per year. JJ Heath-Caldwell continues: “All of these people need homes, which in turn means we need to build somewhere in the region of 100,000 and 200,000 new houses each year for the foreseeable future. It looks like the boom is set to continue for a while yet.”

Since the second lockdown was implemented in November 2020, the housing market has remained open in England. Housing secretary Robert Jenrick confirmed the news but stressed that the property market should follow Covid safety guidance.
Local Surveyors Direct, which offers a property services price comparison engine, helps people source local property professionals, connecting home owners and home buyers with surveyors, architects, estate agents, conveyancers, domestic energy assessors, drainage contractors and other property-related professionals. These services are provided over the whole of the United Kingdom by a comprehensive network of suppliers which has been steadily built up since the website first started operating in 2005.

 

Local Surveyors Direct sees largest property mini boom in 15 years

NEWS FEATURES FIRE & SECURITY SUBMISSIONS RESOURCES