Thinking of selling? Read this first.
We know that choosing when to sell isn’t an easy decision but there are certain trends to look out for. Is buyer demand high? What’s the trend with house prices? How’s the housing market in general? And what does all of this mean for you and your own sale?
What we can say is we’ve had a record number of visitors to our associated Estate Agency website this month, and the housing market is the strongest it's been for over a decade.
Here, we break down some of the key stats and trends to help you understand why now is a great time to buy and sell.
The strongest Spring housing market for sellers in a decade
The first thing to note is the skyrocketing level of buyer demand, fuelled by the search for more space and a greener lifestyle. According to Rightmove, demand is outstripping the number of homes for sale by the biggest margin at any time over the past ten years*.
Rightmove has also seen buyer activity on their website up on this time last year. In February, seven million visitors were visiting their website every day - an annual increase of 40%. The average asking price for a UK home has risen to £321,064 - a 2.7% increase in the past year.
Despite fewer properties being available to buy, the number of sales agreed for the first week of this month were still 12% higher than this time last year. Around two-thirds of properties currently on sale are sold subject to contract.
Are you making the most of this fantastic opportunity?
High house prices
The high buyer demand has pushed up the average property price coming to market by 0.8% this month, which could equate to an extra £2,484 in your pocket**. Enquiries are 34% higher than in the same period a year ago, so if you’re looking to get the best price for your property, now is a great time to come to market.
Stamp Duty holiday extension
The Stamp Duty holiday has been extended until 31st September, offering an opportunity to save thousands of pounds over the coming months. However, the clock is ticking. If home-buyers miss the deadline, they could potentially lose out on huge savings. Naturally, this is driving demand and creating great opportunities for sellers.
95% loan-to-value mortgages
Property expert, Toby Phillips told us "Strong buyer demand will be further boosted from April by the new Government guarantees, enabling lenders to return to the widespread availability of 5% deposit mortgages."
If you’re thinking of selling your home, you’re in a strong position. From the momentum brought by the Stamp Duty holiday extension to home demand now exceeding supply, and new 95% LTV mortgages becoming available - there are so many reasons to sell your home now.
Want to sell quickly? We can help
Choosing a good agent to work with is key to ensuring your purchase runs smoothly and quickly. You don’t have time for delays and dilly-dallying. It’s important to choose someone that understands your local marketplace, has plenty of experience and access to other property professionals. Our associated Estate Agencies can take care of the whole process and have all of the services you need under one roof - valuations, finding a buyer, speedy legal services, and much more.
**According to the Rightmove property index; https://www.rightmove.co.uk/news/articles/property-news/rightmove-house-price-index-february-2021