Extract from Redwood Financial’s Residential Property Review April 2021
Last year, the news was all about a desire to seek a fresh start in more spacious properties, open spaces and away from cities, as more people shifted to working from home. Whilst the demand for such locations shows no signs of slowing, there has been renewed demand in prime regional towns and cities.
According to Savills, many buyers are now looking for somewhere a bit more vibrant, with plenty to offer once social distancing measures begin to be relaxed. Top-performing cities include Oxford, Winchester and Bath, where prime values increased by 3.7%, 4.0% and 3.2% respectively during the first quarter of 2021.
The pandemic has also prompted a desire to relocate closer to family, after time spent apart, with 48% of respondents naming this as a top priority, compared to 39% a year previously.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.