07 December 2020

RETFORD Area Property Market - Review of 2020

 

The Covid-19 crisis hit mid-March, and the Retford area property market was put on ice for nearly three months (as was almost everyone else’s lives). Yet at the end of the spring, the property market was one of the first sectors of the economy to be re-opened. Every economist predicted house price drops in the order of 10% in the best-case scenario and 25% in the worst, yet nothing could be further from the truth.

When the lockdown restrictions were lifted from the property market, those three months allowed Retford area homeowners to re-evaluate their relationships with their homes. The true worth of an extra bedroom (for an office) became priceless, as people working from home had to take calls and work from the dining room table.

Retford area properties with gardens and/or close to green spaces all of a sudden became even more desirable. More fuel was put on the fire of the Retford property market with the introduction of the Stamp Duty Holiday, meaning buyers could save thousands of pounds in tax if they moved before the end of March 2021. This stoked the local property market and now …

Property values in the Retford area (DN22) are 7% higher today

compared to a year ago.

Properties in our area had an overall average price of £219,309

over the last year.

The demand for a new home from buyers in those Retford properties on the market coming out of lockdown in early summer with those extra rooms and gardens were snapped up in a few days for ‘full’ price.

Retford buyers had to spend their Stamp Duty savings on paying top price for the home of their dreams. Yet the increased number of properties coming onto the market in the late summer quenched a lot of that demand and the prices being achieved became a little more reasonable and realistic. This increased the number of properties sold (stc), so much so that nationally, almost two thirds more homes have been sold (stc) than would be expected at this time of year!

However, as we all know, just because a property is sold (stc), it doesn’t mean the property is actually sold. The number of people, who have moved home in the last 12 months in Retford area, is as you would expect, much lower.

Over the last 10 years, on average 615 Retford area homes have changed hands per year, compared to only 331 homes in the last 12 months.

So, what is a Retford area property worth today? Drilling down to the four types of homes locally, some interesting numbers appear. Looking at the table, you can see the average price paid in the last 12 months.

 

Average Price Paid in the Last Year

Retford Area Detached House

£308,178

 

Retford Area Semi-Detached House

£154,064

 

Retford Area Town House / Terraced

£136,232

 

Retford Area Apartments/ Flats

£125,000

So, what about 2021?

Well normally when the UK GDP drops like a stone (as it did in the summer of 2020), the property market follows in unison. Yet as the economy went south, the house price growth and activity in the property market went north.

This would appear to be quite a remarkable outcome given that economic framework, but it is gradually becoming clear that, as far as the Retford area property market is concerned, people’s time in lockdown has been spent reflecting on what they really wanted from their home and has meant that the normal rules of the game simply do not apply….… for now.

Thanks for reading

I'm here to help sellers, buyers, landlords, and tenants.

Call me or drop me a message if you think I might be able to help you.

geraldbowers@thegoodea.co.uk

The Good Estate Agent – North Nottinghamshire
Tel: 01777 237310 or 07981 744003

https://www.facebook.com/thegoodestateagentnorthnottinghamshire


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