One of the region’s largest independent law firms has reported a week full of surprises in the local property market, as COVID lockdown measures eased and estate agents re-opened their doors.
GHP Legal, which has five offices in North Wales and Shropshire, says not only has the market bounced back almost immediately but in some areas it has bounced back higher than it was previously.
Richard Lloyd, Senior Partner and head of Property at GHP Legal, says one of the first things expected when the market started moving again was a fall in property prices, but this is not the case.
“Property that was on the market pre coronavirus has remained for sale at the same prices,” he says, “rather than being reduced to get sales moving as expected. In some instances, we are even seeing new property come to the market at slightly higher prices than they would have been valued at previously.
“We anticipated that the uncertainty of so many jobs and businesses affected by the COVID-19 pandemic would mean a slow start, but in fact it is the opposite. This could be down to people having more time to research the market and different environments. But we are also seeing increased interest in rural property and this seems to be where the higher valuations are.
“There is no doubt that people are re-evaluating their lives and lifestyles as a result of the last three months, and a move to more rural areas has been reported in several regions of the country. Shropshire and North Wales have many ideal locations to fit that bill.
“As a firm we have continued to work throughout the COVID lockdown and have still been able to progress the legal work associated with property sales and purchases that began pre pandemic. Now we are poised and ready for what promises to be a busy time ahead. What we do not know of course is whether the ‘boom’ will last. But for now it seems that people are making their move while the going is good.”