It is not as demand outstripping supply is a new phenomenon in the English housing market. This situation has regularly been cited as one of the leading issues in the property market, leading to rising prices.
However, in the current climate, the demand is far outstripping supply. This is a concern, but equally, if you are considering selling your home, there is a genuine opportunity to connect with buyers, and sell with a minimum of fuss and effort.
At Coakley & Theaker, we are pleased to say we have helped bring many buyers and vendors together in the local area. If you want to connect with local buyers when selling your home, please get in touch with us today.
Key highlights from Rightmove’s recent study includes:
Asking prices rose by £2,484 in March, an increase of 0.8%
Average asking prices rose to £321,064 in March 2021
The growth amounts to a 2.7% rise on the March 2020 figure
The property portal claims they had a record number of prospective buyers on site in February
Rightmove claims February 2021 traffic was 34% higher than February 2020 traffic
7 million people visited the site in February 2021
The number of overall visitors on site was 40% higher than February 2020
The number of property sales agreed in the opening week of March 2021 was 12% up on the previous year
The property portal anticipates asking prices rising further in spring
Rightmove continues to predict house prices will increase by 4% in 2021
Rightmove’s report states; “The current excess of buyer demand over supply is the largest we've seen in the last ten years and suggests that this could be one of the best ever Easters to sell”.
Tim Bannister, Rightmove's director of property data said: “This strong sellers' market is good news for those who are looking to put their home on the market as the traditional Easter selling season approaches. Blossoming buyer demand coinciding with blossoming gardens should put a spring in the steps of sellers, and more of them coming to market will provide a much-needed increase in the choice of property for the many who are looking to buy. So many sales have been agreed in recent months that we now face a serious shortage of homes available for sale.”
Marc von Grundherr, said: “With the double pronged boost to buyer demand in the form of a stamp duty extension and government guaranteed 95 per cent mortgage products, sellers can ill-afford to sit on their hands with regard to getting their property on the market. A lack of supply to meet the huge levels of buyer demand seen in recent months means that by and large, sellers are securing a very good price for their home.”
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.