If you fail to prepare then prepare to fail
Earlier this year I wrote a piece as we were just coming out of the first lockdown, and I write this one as we have just entered the second (and hopefully the last!). It must be said that it feels a lot like a ‘soft’ lockdown this time around, as schools are still open and most people are working as normal, albeit some from home. The government have also confirmed that the property market should continue to function, whilst taking the appropriate precautions.
The property market normally gets a bit quieter at this time of the year, and this second lockdown is certainly giving it the opportunity to pause for breath after an extremely busy summer, caused by pent-up demand, and also by an increasing number of people wanting the quality of life that Cornwall provides. The latter no doubt a result of many spending the last lockdown in a city flat with no outside space.
The demand from buyers is still there (with many focussed on securing something ready for next summer), but there are naturally far fewer properties coming to the market at this time of the year, which of course keeps prices firmer than might one think in winter.
At this time of the year I often get asked what I think the market is going to do next year? The truth is I don’t know. No one does, and the activity in the market post-lockdown was not predicted – with many commentators and economists forecasting trouble for the UK property market as a result of Coronavirus. I expect that if we compare the reality of a market’s behaviour with the forecasts, the charts look quite different! The turning point for the market was autumn 2019, with the recovery continuing after the lockdown earlier this year. The stamp duty ‘holiday’ is another factor and has undoubtedly been another contributor to the positive sentiment underpinning the market. When one analyses the market – particularly in Cornwall, there are so many factors. For example, quarantines imposed on people holidaying abroad mean more people want to live and/or holiday in Cornwall rather than board an aeroplane; lots of people who would normally be working in London are now working from home and that home doesn’t need to be close to London. And of course the country house market is naturally recovering from a long slump caused by the 2007/2008 financial crisis and then the run up to Brexit.
If you are considering a sale in the months ahead, firstly don’t write off the next few months, but secondly, plan ahead. Get the right photography when the weather (and tide!) are right, ensure you have all the necessary paperwork such as completion/building regulation certificates, and only start marketing (or entertaining viewings) once you are ready. Remember, fail to prepare = prepare to fail.