As the second wave of Covid-19 affects lives, Paul Doyle, Manager of our Carlisle Estate Agency office looks at what’s forecast for the property market.

One thing that has proved to be resistant to Covid19 is the property market, which has if anything fed off the pandemic.

Looking back at the spring lockdown, it seemed to act as an incubation period as coronavirus fuelled people’s desire to move to larger homes, often in more relaxed locations.

Now we are faced with an open-ended second lockdown that will affect individuals, families, many businesses and our way of life. The question is what will happen to this bull property market that, according to Nationwide, has seen prices growing at their fastest rate for five years?

One area of public and commercial activity not to have been locked down this time is the property market. So, the answer seems straightforward; it will be business as usual – with all the necessary social distancing measures adhered to of course.

We know that these extraordinary market conditions can’t last forever. But these second-wave precautionary measures might even act to further fan the flames of the current market.

Completion by Christmas is often the aim when buying or selling property in the autumn. But now there is another target date, March 31st: this is the day the stamp duty relaxation measure is due to end. Buyers will be racing to find properties and complete purchases to avoid extra expense – money they could use for deposits or improvements to their new homes.

Of course, the Chancellor may postpone the cut-off date, or best of all discontinue this unpopular and opportunistic windfall tax altogether. But if he does neither strap yourself in – it’s going to be a hectic five months.

Fortunately, if there is one thing we learned how to do during the initial lockdown it was to work successfully in a highly unusual and demanding property market. Now we will continue to use that experience to ensure that our buyers and sellers can move, not just when they want to but also when they need to.

The housing market and Estate Agents will continue to operate during lockdown. PFK will continue to work and help our customers buy, sell or rent. Full guidance is still being clarified however safety has and continues to be our number one priority in order to look after our staff and customers.

Contact us if you have any queries.

As a precautionary step to protect our staff and customers, we have temporarily closed our Cockermouth office due to a positive COVID-19 test in line with government advice and guidelines.

We apologise for any inconvenience caused. You can contact our staff who are working remotely by phone or email.

Cockermouth: 01900 826205 – cockermouth@pfk.co.uk

Whitehaven: 01946 695535 – whitehaven@pfk.co.uk

PFK will continue to provide the best service possible at all times, therefore if you have any concerns please do not hesitate to contact us.

Take care and stay safe.

Many people think Estate Agents just put their property on Rightmove and bobs your uncle, but it’s so much more than that.

Here at PFK we take pride in every property we put on the market, from the first initial photo taken to create your perfect property listing. We have a dedicated admin team that work hard behind the scenes to prep you a flawless Rightmove and website listing along with a bespoke brochure for your home. We also have an in-house marketing team that make sure your home is in front of as many eyes as possible on social media and other digital platforms.  Our bespoke videos are second to none and admired by one and all.

The sales team are on hand to help guide you through the process, arranging viewings, negotiating the deal to get you the best price possible and It doesn’t end there once your home is sold. We have a dedicated sales progression team that follow your sale through to completion making sure everything is on the right track for you.  During these current times that Is more Important now than ever before.

We also have experts in Planning, Land Agency and Surveys who can also advise you on any questions you may have.

Making property simple Is our mantra and we are here to guide you every step of the way.

Lynne Lancaster, Head of Estate Agency. 

As we head for autumn and further Covid restrictions, Lesley, manager of our Whitehaven team assesses the state of the property market.

So many people are asking us about the property market at the moment. To provide some perspective, we often answer the question with a question. We ask, “Do you remember back in March, how loo rolls became difficult to find as they were flying off supermarket shelves?”

“It would be hard to forget,” most people reply.

So we say, “That’s what’s happened to property: houses are flying off our books.”

While the country was in lockdown, no one could envision what would happen to the property market next – including us. We couldn’t predict the strength of public demand for changes in surroundings and lifestyle. We couldn’t know how people would react to isolation, sudden changes in working practices and the resulting opportunity to commute less often but therefore further – providing the chance to buy a larger suburban or rural house and garden.

Now, after several months of the most extraordinary market most of us can remember, we have experienced the combined effects of the Covid and Brexit bounces, the relaxation of stamp duty and low-interest rates.

Many first and second-time buyers and sellers won’t remember the days when the market was on fire like this; when there were multiple offers on houses for sale, prices were spiralling upwards, and property was selling almost as soon as it came on to the market.

But we remember those days. We remember them very well. That is why we are highly experienced and skilled in dealing with this unexpectedly buoyant market.

For those thinking of buying before the end of the stamp duty reprieve, we recommend doing so now. Why? Because neither we nor anyone else, including the Chancellor, knows what’s going to happen next. Another national lockdown – if there were to be one – might only temporarily suppress this strong market and drive even more people to want to move. But big questions remain about the market in 2021.

High unemployment, a negative Brexit trade deal, tighter mortgage criteria and the end of the stamp duty relaxation, could turn off the tap that was so dramatically turned on in July.

Only time will tell. But in the meantime what we do know is that property is flying and we are here to help buyers and sellers fly with it.

Lesley Waugh, Manager of PFK Whitehaven team. 

Julia and Tony Porter recently found themselves needing to secure a rental property quickly. PFK managed to secure a suitable property for Julia and Tony and they have left us this great review:

Our time at the property was invaluable, there is a long list of things we will miss including the brilliant little garden, plenty of car parking and glorious walks from the doorstep. The views are incredible! Bird watching, sunsets and early morning mist, every moment from those big windows was astounding. A cosy and attractive property which we loved. A big thank you to PFK Property Management for their friendly service and continuous support, a pleasure to deal with.

If you need any advice or want to know more about the services we offer, please click here – https://estates.pfk.co.uk/…/10/Your-guide-to-Lettings-.pdf

It is easy to go through each day at such a speed that time really does fly by, and before you know it, another day, week and month has gone. I can safely say that is the case for me both personally and professionally.

What we have experienced over the last few months has, needless to say, been unprecedented. No one could have prepared us emotionally, physically and mentally for what we have gone through and what else is still to come.

What will we tell the future generations and what will the text books of the future say?

If someone had said to me in March that we were going to be rushed off our feet and have record breaking months for listings and sales once we returned to work, I would have said ‘I hope so, but time will be needed to recover’. How wrong could I have been! These last few months have shown both our own, and the housing market’s resilience through challenging times and it has highlighted the need for support. Support for each other, support for our clients and support to those who need guidance through these strange times. Local businesses can provide you with support and when it comes to the housing market, we are here to help on any level we can.

I feel very strongly this can be provided by those who work within local agencies, rather than the larger national agents, by having that person to speak to, an office to go into if needed and being able to pick the brains of those who live in the area, give people belief and confidence that the move is the right move and try to eradicate any degree of uncertainty. As a result, the continuing strength of the market in this region will be very much down to the local businesses, local knowledge and local confidence along with the ability to be able to converse with prospective sellers and buyers to give them the reassurance that the next move is the right move they are making in these ever changing times. Ultimately it is important we try and maintain a degree of stability in the housing market and focus on the continued sales to buyers both within and out of the county, not only to benefit the housing industry but also local businesses that also benefit the support of a strong housing infrastructure.

It is vitally important we continue to look at the bigger picture and continue to provide the support and service that people have come to expect.

So, let the days turn to weeks and the weeks turn to months, but don’t be afraid to stop, take stock for a moment and re focus to make sure you are on the right track and have the right support.

Stay safe!

Nina Robinson, Valuer at PFK Estate Agency Penrith