I always do homework ahead of a gathering

Whenever I attend a social event, one of the last things during preparation is to check out the property market in the locale.

It means boning up on relevant current stock as well as researching data on prices and other factors that affect property performance in any given area.

These can vary widely, but good schools and commuter route access are important, as is access to open country or leisure facilities for many people.

In truth, the majority of people at parties are fascinated by the value of property and how their home compares with the national average. That’s why I have to do my research.

What caught everyone out across the industry was the passion for moving home that arose during and after lockdown. That’s why the market has been so hot and values have shot up astronomically. It’s cooling a little now but remains firm, although with more buyers than sellers in the market, we could do with a few more homeowners deciding to up sticks and change location.

The first move to make is actually to get a valuation of your current home to see what cash you might have available for your next purchase. Don’t imagine that going on a property portal and looking up past sales will be a reliable indicator. It rarely is.

Average asking prices rose more than £55,000 in the past two years, compared to £6,000 in the two years before the pandemic.

I’m not convinced that’s the Portsmouth area average but it’s true to say that prices have rocketed in many neighbourhoods.

The saddest news is that solo first-time buyers have been hardest hit by the latest hike in asking prices – the fourth consecutive – and now need a 34 per cent deposit on average compared to a 25 per cent deposit 10 years ago. Cancelling Help to Buy in October rather than next March could also hinder opportunity.

By Colin Shairp, Director, Fine and Country Southern Hampshire and Town and Country Southern estate agencies, Drayton