Well, it’s been quite the year. While 2020 was a tough year with the emergence of Covid-19 and the subsequent lockdowns, we always knew that there would be different challenges facing us; but we’re not sure anyone was prepared for the 12 months we’ve just experienced.
As the holiday season and the end of the year approaches, we thought we’d take this opportunity to take a look back at some of the big stories and highlights from 2021.
Remember, if you’re thinking of moving to this area in the new year, take some time to browse our properties for sale in Virginia Water and the surrounding areas. If you have any questions, you can also visit our award-winning website or call us on 01344 843000 and email us.
The First Quarter
The beginning of the year started off with a Covid-19 Lockdown, during which the usual boom in new homes coming to market was amplified by the already buoyant market caused by the government support schemes brought in earlier in 2020.
We also had Brexit to contend with which, despite the prior scaremongering didn’t have as big an impact on the market as had been previously reported. This, however, is likely to be largely due to a Covid-19 sized distraction.
Through March, the market continued to perform well and was reported as the strongest it had been in more than 10 years. We offered tips and tactics on how to move home during the lockdown and how to finance your property in the changing climate.
Springing into Action
The Spring brought a further influx of buyers and new homes to the market as the March budget announced that the Stamp Duty Holiday would be extended and taper down between June and the end of September. This also signaled the lifting of much of the Covid-19 lockdown and social distancing restrictions which had blighted the social calendar for the previous 18 months – just in time for Royal Ascot.
We reported on how mortgage lending was at an all-time high in June of this year as well as provided advice on buying a listed property and what that could mean. It was a busy spring market as people escaped the cities in order to find more space for their money, we brought you some tips on how best to buy in such a busy market.
Hot Property
Summer saw many frantic buyers coming to market endeavouring to get their transactions across the line before the end of the Stamp Duty Holiday to maximise their savings – this meant that house price growth increased at a record rate in 2021.
The sudden deluge of buyers also created a disparity between the supply and demand of properties across the country. This drove asking prices up as vendors found themselves having a huge choice of buyers.
Many of our clients are (or are aspiring to be) multi-property owners. We made sure to include some advice on how to keep your home secure when you are away as well as what you need to know about the 3% stamp duty surcharge on second homes.
2021 at Barton Wyatt
This year has no doubt been challenging but our team has really stepped up to the plate and turned a difficult year into one of our most successful years on record.
While many of the properties in the Virginia Water and Wentworth areas were not impacted by the Stamp Duty holiday, we were still increased our transaction volume by 80% on 2020. We sold properties across the entire range of budgets; from an apartment at £160,000 all the way up to a record Wentworth sale at almost £30m.
In our Lettings department, we have seen many people moving out of the City with those ex-pats who were unable to move back in 2020 moving in. This could be one of the major contributors to the shortage of properties and increase in rental costs which have generally hiked by 5-10% this year.
Preparing for 2022
As we approached the end of the year much of the news was focused on predictions for 2022. We have had a strong year, with an average sale price of £3.5 million and we hope that this will continue into 2022. With the Bank of England raising the base rate from a record low of 0.1% to 0.25% last week, many high street lenders have now started to increase their rates in anticipation of further increases.
We took a look at how sellers’ have had their choice of buyers in a very competitive market as well as providing some tips on how to make your home more energy-efficient.
In the last couple of weeks, we have taken on some new properties for the new year and are really excited about them; make sure you keep your eyes peeled on our website and social channels for new properties from Boxing Day!
According to industry experts, house prices will increase by 1-5%; however, the crystal ball is a bit hazy for just about everyone – our in-house experts think the price rise will be closer to 5%. The number of buyers on our books has steadily risen all year, making a busy market in 2022 very likely.
Rents are likely to be about 3% higher in 2022. The rental industry is full of legislation and it seems like every year there are more laws passed making it more and more difficult for Landlords to make a viable living from their portfolio of properties. This has resulted in more Landlords looking to sell their properties, leading to pressure on available stock.
Festive Opening Times
Our Christmas period opening hours are:
Christmas Eve: Closed
Christmas Day: Closed
Boxing Day: Closed
Monday 27th Dec: Closed
Tuesday 28th Dec: Closed
Wednesday 29th Dec: 9 am-5.30 pm (remote working only)
Thursday 30th Dec: 9 am-5.30 pm (remote working only)
Friday 31st Dec: 9 am-5.30 pm (remote working only)
Saturday 1st January: Closed
Sunday 2nd January: Closed
Monday 3rd January: Closed
Tuesday 4th January: 9 am-5.30 pm
Get in Touch
If you are thinking of moving to the area or buying a property to rent, make sure you take a look at our amazing catalogue of properties for sale in Virginia Water and the surrounding areas.
If you’d like to speak to someone about properties to let in Virginia Water, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram, and LinkedIn.
