Latest Property News | Taylor Robinson

New buyer enquiries rose modestly in December (+9%) marking the fourth successive monthly rise in demand.
The end of the stamp duty break curtailed demand to some degree but since market reopened back in June 2020 demand has significantly outpaced the level of supply (new instructions).
Demand has been outpacing supply ever since the market reopened in June 2020 with only a slight deceleration when the stamp duty break came to an end.
New instructions recorded a net balance of -14% in December resulting in a 9 month run of falls. It is this lack of stock that is putting a cap on sales activity.
House price growth is likely to continue due to the imbalance in supply and demand. More stock is needed to unlock the system and ensure chains can be completed.
Source: Dataloft, RICS

Change of scenery/lifestyle remains a key driver behind home moves, as the persistent shortage of supply has held back potential home moves.
Change in lifestyle/scenery becomes a more significant reason as the value of the home rises, peaking at 21% in the £750k – £1m price band.
At the lower end of the housing market, a need or desire to upsize is the main driving force behind home moves peaking at 23% in the £125k – £250k price band.
Other key drivers behind home moves are wanting to be closer to family (10%), retirement (7%) and bereavement (6%). Source: Home Moving Trends Survey (July 2021) analysed by Dataloft for Property Academy

There are over 100,000 official holiday homes in England and Wales registered with the Valuation Office Agency, nearly double the number just four years ago.
Two-thirds of officially registered holiday homes are located within just four regions of the UK.
From April 2023, second home owners will have to prove holiday lets are rented for a minimum of 70 days and available to let for at least 140 days a year to qualify for small business rate relief.
The new rules announced by the government aim to close a tax loophole. Owners of homes that do not meet the criteria must pay Council Tax on the property.
Source: Dataloft, DLUHC

Nearly half a million landlords expect to expand their portfolio over the next two years.
Just over 17.5% of landlords who responded to the 2021 Landlord Trends Survey stated they expected to expand. Extrapolated to the 2.65 million landlords in the UK on record with the HMRC, this equates to 465,000 landlords.
Professional landlords were nearly twice as likely to be considering expansion as those who considered themselves so-called 'accidental' landlords. 75% of accidental landlords are set to maintain their portfolio at its current level.
Less than 1% of all landlords cited the COVID-19 pandemic as a reason to either expand or decrease their portfolio over the short term.
Source: Dataloft, Property Academy Landlord Trends Survey 2021, HMRC

With working from home now necessary for many jobs and industries, post-pandemic households are continuing to revaluate the space they need from their homes.
49% of home buyers feel their property is unsuitable for working from home and 28% have no dedicated workspace or office to work from home (Barratt/Lichfields).
35% of home buyers and sellers rated an office/space to work from home as 'very important' in the 2021 Property Academy Homemoving Trends survey analysed by Dataloft.
Housebuilders are trying to service this change in demand. However, planning policy dictating the mix (bedrooms) was based on pre-pandemic demand modelling.
Source: Dataloft, 2021 Property Academy Home Moving Trends Survey, Barratt Homes/Lichfields