Homes are selling faster than ever right now, which is pushing up house prices…
It’s official. From stats from Rightmove, it has been confirmed that the property market is the busiest it has ever been with more houses sold in a week in April than ever before, and a record 9.3 million visits to Rightmove in a single day! 145,000 new properties have been listed so far this month, however, this has still not kept up with demand.
There are many factors coming together at the same time that are making the property market so busy; The return of low deposit mortgages, Stamp Duty Holiday extension, the success of the COVID vaccine rollout, and what we call the Lockdown Effect – people now working from home who no longer need to be in a set location, or who are looking for more green space or need a home office.
It’s hard to compare the market to this time last year, due to the property market being suspended due to COVID, however, if we go back further, to 2019, we can see the number of properties coming to the market are up 3% since then, however, the number of sales agreed over the same period is up 55%.
This has led to a shortage of stock which is what is driving up property prices. The average property price has risen by £6,733 in just a month, hitting an all-time high of £327,797. Yet, despite the price jump, buyers don’t seem deterred with it officially being the fastest-selling market that Rightmove has ever measured.
With demand so high, as a buyer, you need to put yourself in the best position possible, to make yourself look attractive to the seller. So it is a great idea to have spoken to a financial advisor – we can put you in touch with one – and have your conveyancing ready to go with a touch of a button.
Likewise, if you are selling, it is a great time to come to the market with the Spring Surge making it look a sure thing to achieve a good price and a quick sale, especially if you don’t have an onward purchase.
If you are looking to sell or buy, please contact us today.