I could be wrong, but I do not think I can remember the premium market in Sudbury being in better shape. Despite the best efforts of Covid-19, sentiment in the market remains very strong based on the conversations I have day-in-day-out with homeowners here. It’s for that reason I’m very excited about what the next 12 months have in store for Sudbury, regardless of what happens to stamp duty.
You might think I’m naive and overly optimistic, especially as there’s no doubt that the national economy has been severely rattled by the pandemic. However, when it comes to the upper end of the Sudbury market, the factors which affect the pulse of this market segment are subtly different. For example, the premium market is much less directly affected by mortgage lending criteria than the mid-market.
It’s true that the national mid-market might stutter when the current Stamp Duty holiday comes to an end. Likewise, no one really knows if the national economy will bounce right back or recovery will be a drawn-out process. However, the evergreen appeal of property (especially at times of economic turmoil) means that we can expect it to be one of the less severely impacted parts of the UK economy.
Within the relatively safe bounds of the property market, the premium end of the market is at the more stable end whereas the private rental market may see more volatility. The sector has been particularly affected by the pandemic. The eviction ban, and subsequent backlog in the courts has made landlords choose new tenants very carefully. Likewise many landlords own properties in buildings that have cladding or fire safety issues which has made them hard to sell. However, it’s this part of the market where many investors are getting ready to pounce in March when the stamp duty holiday comes to an end and many sellers may welcome a fast cash deal.
The last period for which we have data tells us that the starting point of the prime market is £600,000 while the super prime market starts 56.7 per cent higher at £940,000. We have also projected forward to show what we expect in the next period, by applying patterns in last year’s data to the latest figures.
In reality I do not know what the future holds, but based on what I know about the solid demand drivers which support our market in Sudbury, I’m very positive about the outlook for the next few years. If you want to hear more about what I think and where the best opportunities are, please don’t hesitate to pop into the office or give us a call.
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