This lovely period home on Mount Pisgah is currently for sale in Otley

There’s been a soar in housing demand since the end of the Covid lockdown. But how does that affect Otley? We asked team at local solicitors Ison Harrison to find out.

How Is The Market Looking post-Covid?

Property experts are reporting an unexpected post-COVID property boom, as the effects of weeks and months of lockdown have made people re-evaluate their lifestyles and priorities. Analysts predicted that the market would flounder, but it has instead been kick-started with further growth forecasted.

Pre-Brexit uncertainty does not seem to have put people off as a definite seller’s market has evolved, also encouraged by the Chancellor’s recent stamp duty holiday announcement. Demand is currently outstripping supply in the UK as the England, Scotland and Wales property markets shake themselves back into action, with the average asking price in the UK going up by 2.4% to £320,265 from before lockdown, according to property experts Rightmove. This has gone up from around £300,000 in December 2019, and represents a 3.7% rate of growth in the market, the highest inflation rate seen in the UK since December 2016.

Ison Harrison’s core region of Yorkshire & Humberside has seen the biggest regional increase in the average asking price, at £204,050, a rise of 5.2% on this time last year and a rise of 4.1% since before lockdown in March.

Have there been changes in demand?

In a recent survey conducted by the Home Builders Federation, two-fifths of Britons said they would prioritise space for a home office if they were searching for a new property, as people look at fresh ways of working since the coronavirus lockdown started.

This is not the only change seen in the market. Alex Rose, director of new homes at Zoopla, said: “Home offices have spiked in popularity as more people plan to work from home more frequently, while gardens and proximity to outdoor space have also become a prerequisite for many buyers.”

No longer relegated to the worst room in the house – the one that’s too small to become a value-adding extra bedroom – a good quality home office can add 5-15% to a property’s value, “especially if it’s separate from the main house, or at least separate from the main family areas,” said Mark Lawson, partner at The Buying Solution in a recent article in the Daily Telegraph.

What Does This Mean For The Otley Property Market?

Gary Shankland, Manager of Dale Eddison in Otley said: “When the announcement of lockdown was made, it sounded like it would spell doom and gloom for the property market, however having worked throughout that period it quickly became clear that wouldn’t be the case.

“We very soon had a waiting list for viewings in anticipation of them being allowed to commence again at some point and, once they were allowed again, the market has gone from strength to strength. We have had some of our busiest months, defying many forecasters’ expectations.

“With so many people expecting to be working from home for the foreseeable future at least, we have seen an increased emphasis from buyers on garden space and having somewhere to work from home when looking for a property. We are fortunate in Otley to have excellent amenities, and lovely countryside, right on our doorstep, it’s no wonder buyers are attracted here from all over the country!”

We are here to help

If you are looking for a solicitor to assist you with buying and selling a house, we have an in-house team of conveyancing experts at our Otley office who can provide you with a quick and efficient service.

Branch manager Nigel Cowley said “I want to reassure our customers that our branch is a Covid-safe environment. Client visits are by appointment only to minimise the number of people in our branches and we have in place floor signage, an alcohol hand sanitiser station and a perspex screen to protect staff and customers at reception. Gloves and face masks can also be provided. All our customers receive a copy of our client visitor guide prior to their appointment detailing our procedures for helping our customers and our staff to stay safe.”

For contact details see Ison Harrison’s entry on our site here