19% Drop in Otley and LS21 Homes ‘For Sale’ in Last 4 Months

What does this mean for Otley and LS21 property owners?

With most Otley and LS21 families home schooling their children in lockdown and the
forthcoming Stamp Duty Holiday deadline on the 31 st March 2021, less Otley and LS21 properties
have been coming onto the Otley and LS21 property market since the new year. This has prompted
a 19% drop in the supply of Otley and LS21 homes for sale compared to October 2020.
For the past couple of decades, like clockwork, Otley and LS21 estate agents’ busiest times for
putting property onto the market is the new year to Easter rush, with a smaller flurry of new
properties coming onto the market in the mid/late summer. Yet, since the ending of lockdown 1.0
in the late spring 2020, nothing has been normal about the Otley and LS21 property market.
Throughout the summer, the number of properties coming onto the market in Otley and LS21
steadily rose to its peak in October and the number of properties then becoming sold subject to
contract (stc) rose even higher (and whilst statistics don’t exist for the properties sold stc, anecdotal
evidence suggests there were just under 50% more Otley and LS21 properties sold stc in the last six
months of 2020, compared to the same 6 months in 2019).
However, back to the number of properties for sale…
The peak of the number of Otley and LS21 properties on the market in

autumn was 96 – that now stands at 78.

The first lockdown caused many Otley and LS21 homeowners to want to move with the need for
extra space to work from home and in some cases larger gardens. This was further exacerbated by
Otley and LS21 home movers also trying to take advantage of the Stamp Duty holiday to save
themselves money on this tax.
This meant many more Otley and LS21 properties came onto the market (more than a “normal”
year) in the last 6 months of 2020. However, those Otley and LS21 home movers motivated to
move for the extra space/save money on the tax, did so in the summer/autumn and have already
placed their Otley and LS21 home on the market (and are probably by now sold stc rushing to get
their house purchases through before the deadline on the tax savings).
So, how does Otley and LS21 compare to other property markets, and what does this reduction in
Otley and LS21 properties on the market mean to Otley and LS21 homeowners and landlords?
There are 18% less properties on the market today in Otley and LS21,

compared to 12 months ago.

When I compared that to the national picture, according to Zoopla, there are 12% less properties
on the market today (compared to a year ago).
However, the complete opposite is taking place in London. There are currently 47,900 apartments
for sale in London compared to January 2020, when there were only 32,600 - a massive rise of
46.9% … all the more interesting when there are only 15.1% more London semi-detached houses
for sale and 1.8% more London detached homes over the same 12-month period. The jump in
London apartments for sale is being pushed by an upsurge of London up-sizers eager to trade their
city living apartment up to suburban houses, and a small handful of panicky London buy to let
investors who are wanting to exit the London property market following falling rents for
apartments. Looking closer to home, there are…
22% more terraced homes for sale in Otley and LS21 than a year ago,

whilst there are 56% less detached homes.

So, whilst there are some differences between the supply of individual types of property in Otley
and LS21 (e.g. terraced vs detached houses), the overall reduction in the number (i.e. supply) of
properties for sale can only mean one thing, when there is a reduction in the supply of anything
and demand remains stable, this will mean continued upward pressure on Otley and LS21 house
prices in the short term (although I suspect there will be some downward pressure on Otley and
LS21 terraced properties with that level of increase in supply - maybe some interesting
‘opportunities’ for all you Otley and LS21 landlords?).
Will overall demand for Otley and LS21 property continue to be stable?
Lockdown 3.0 will probably cause another wave of Otley and LS21 people who want to move home
(thus increasing demand). The last property crash (the Credit Crunch in 2009) was caused by a huge
increase in the supply of properties for sale when people lost their jobs and interest rates were
much higher. People couldn’t afford their mortgages and so dumped their homes onto the market
all at the same time – causing an oversupply of property for sale and hence house prices dropped.
Compared to the 78 properties for sale in Otley and LS21 today, at the
height of the Credit Crunch in January 2009, there were an eyewatering

259 properties for sale in Otley and LS21

It was this increase in the level of property for sale in Otley and LS21 (mirrored across the whole of
the UK) that caused property prices to drop between 16% and 19% (depending on the type of
property) in Otley and LS21 over the 12 to 14 months of the Credit Crunch. So, as long as there is no
sudden change in the demand or supply of properties and interest rates remain at their current
ultra-low level – the medium-term prospects for the Otley and LS21 property market look good.
If you are a Otley and LS21 homeowner or a buy to let landlord and want to chat about the future
of the Otley and LS21 property market – do drop me a line.

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