Benwell Daykin reported last month that the property market is currently going through somewhat of a boom. Since then, many national news outlets have also reported some of the biggest property price growth seen in over five years.
At our estate agency, demand for Ruddington property has always been high. However, we are seeing a huge increase in enquiries for property in the village and the surrounding areas.
But why is this?
The freeze on stamp duty is certainly playing its part, with more and more families taking the opportunity to save thousands by purchasing a property before it expires on the 31st March 2021.
Many buyers are also fighting for properties with more space. The Guardian recently reported that four and five bedroom homes across the country are selling 33% faster than in 2019. Almost 40% of recent sales in Ruddington fit this criteria.
The rural location is also a big factor as people focus on achieving a better balance between their working environment and home life. As such, the need to be next to a large city centre or close to their office or a railway station is no longer a huge factor.
With all these factors in play, buyer demand in Ruddington is still outweighing supply and less properties are seeing a reduction in price.