The market dynamics are unusual at the moment, and property experts are finding that each property type has its own pocket.
Openpropertygroup.com Managing Director Jason Harris-Cohen has giving EU Business an insight into what is likely happening in your property market.
- “1 bed flats: A very challenging market. Agents are reporting to us that typically, buyers would prefer to rent a 2 bedroom property with outside space. As an investor, I always favour freehold to increase the net yield too.
- 2 bed flats: Reasonable demand with outside space and parking. Not so good without. There is more availability in this sector too.
- Houses: Encouraging demand for all sizes. These include families cooped up in cramped accommodation in big cities during the various lockdowns moving out to find more room. Extra space is also a driver for those people expecting to continue to work from home at least some of the time when offices reopen.
- Coastal areas: Every coastal area I’m looking at, is experiencing above average demand. This is mainly driven by people moving for a better quality of life, holiday let landlords and people who have travelled to new areas during staycations in 2020.
- Lower average price per square ft value areas are in demand, as people are moving out and looking for more space for their money.
- North: Strong demand, a lower cost of entry so more affordable for everyone. Rents stack up with strong yields, the northern powerhouse and the government towns funds are really helping stimulate the market in these regions: https://www.business-live.co.uk/regional-development/budget-2021-45-english-towns-19962651″
