The coronavirus pandemic has had a large impact on the real estate market nationally; the stamp duty holiday has created a flood of house sales and purchases, whilst the ‘work from home’ era has left offices empty, with commercial landlords being forced to be creative and many looking to convert their commercial properties into residential units. It has been a difficult time for landlords and tenants, and an exciting, though stressful, time for those looking for a new home.
Herefordshire has stood out as a desirable location – with the ability to work remotely, combined with the stress induced from multiple national lockdowns, homeowners are looking to move into more open spaces and to achieve better value for money.
Consequently, the county has been in high demand for those moving from the South East and other heavily populated areas of the UK. People are attracted by its beautiful countryside, the chance of plenty of space and also by the stamp duty holiday, which gave buyers a chance to find their next home at reduced cost.
A few surprising facts show just how much impact Covid-19 has had on the county’s property market:
- Within the first two weeks of March 2020, property demand in Herefordshire surged by 77%, compared to a national average increase of 32%
- House prices in Herefordshire rose by an average of 7.8% throughout 2020, compared to a national average of 2.6%
- The average price of a Herefordshire property over the last year was £236,944
- The average house price in Ludlow increased by 15% in the last year
- From 2020-2021, 550 new homes were completed in Herefordshire, 80 homes less than of the figures for 2019-20, when building work was much easier to carry out
- Between January and March 2021, work was completed on 180 new homes in Herefordshire, the highest number for that quarter since records began in 2005, whilst building work began on an extra 190 homes.
So, this has been a busy time for both commercial and residential property – our residential property lawyers team, in common with experts across the market, have been especially keen to help buyers complete on their new homes ahead before the stamp duty holiday ended.
It is clear to see that Herefordshire is becoming the place to invest, build, and, more importantly, live.