8th December 2020
Chester property market roundup for 2020 and Forecast for 2021
2020 has undoubtedly had its challenges, but the property market has managed to hold its strength during what has been a very turbulent time. As we look toward 2021, Alex Horne, Sales Valuer at Matthews of Chester gives us a clear roundup of the Chester property market this year and what it might have in store for us in 2021.
Watch the video to find out more >>
The re-opening of estate agent doors in May sparked a positive ‘post-lockdown bounce’, fuelled mainly by the stamp duty holiday and buyers and sellers wanting to pick up where they left off with their search for a new home.
The lockdown also induced lifestyle changes which has made people rethink their homes and how they use their space. With many people working from home, this has meant there is more demand for a home office and the need for more green space on their doorsteps. This trend is expected to continue into 2021.
Stamp Duty Holiday
There have been widespread calls for the stamp duty holiday to be extended, amid fears that a high number of buyers will fail to complete before the 31 March deadline. This may make the move unaffordable for some and could cause chains to break down.
House Prices in Chester in 2020
New data from Halifax released in October shows that the average UK house price has topped £250k for the first time in history. In Chester, properties had an overall average price of £253,458, just above the national average.
According to Rightmove, the majority of sales in Chester during the last year were semi-detached properties, selling for an average price of £238,786. Terraced properties sold for an average of £190,611, with detached properties fetching £394,260.
Overall, sold prices in Chester over the last year were 3% up on the previous year and 5% up on the 2017 peak of £240,942.
2021 Chester property market forecast
Factors including progress on a Covid-19 vaccine, unemployment levels and the outcome of Brexit deal talks will no doubt shape the housing market outlook in 2021.
Alex Horne, Senior Valuer at Matthews says: “We are still holding out hope that the government will extend the stamp duty holiday beyond March 2021 in order to motivate more buyers to move. If they don’t, 2021 could paint a very different picture to what we have seen this year.”
If you are considering selling your Chester property in 2021, contact our team for a free and accurate valuation of your home.