We all thought the pandemic would play havoc with the housing market and sale prices, but nearly a year on and there are no signs of it slowing down.
Asking prices are at a record levels across the UK and the national average has been pushed to a record high of £336,073 (taken from Rightmove’s House Price Index)
As prices continue to rise, let’s discuss why this seems to be an on-going trend and what it means for those looking to move home;
Demand currently outstripping supply
Over the past 12 months, we have consistently seen the demand of homes on the market outstripping supply. This has been confirmed not only from national stats, but from our own experiences in the local market.
Whereas prior to 2020, your best chance of selling would have been within the first four – six weeks of marketing, we have seen this time scale half! Homes are selling fast – buyers are keen to secure a property and offers are coming in more often than not, above asking.
If you have a home with a garden and space for an office area, you have a winner. These homes are in high demand as people are working from home rather than commuting to work every day, so rooms which can be utilised as an office are favourable. Outdoor space to enjoy in better weather and with families are fast becoming a basic requirement.
Commentators suggest rates are on the rise. Certainly market swap rates are lifted last week and as inflation is increasing, this is likely to pull interest rates with it.
Record low interest rates over the last year or so have helped a number first time buyers begin their journey on the property ladder and help buyers secure bigger homes which are more expensive due to size and area.
Buyers can be offered small deposits with 95% mortgage loans meaning saving up a deposit is that little bit easier, allowing you to go after that home you’ve had your eye on.
What If I Want To Move?
If you see a house you like, you need to act now. Register your requirements with local agents, set up alerts on the main property websites and keep an eye on the local area for for sale boards – the best advice Regents can give is when you see something you like, move quickly, as it’s likely to go!
Ensure you have your mortgage agreement in principal – Regents can offer free mortgage advice with access to the whole of the market, ensuring you are aware of the best deals available to you.
Have your Solicitor lined up, ready to submit an offer on short notice – Regents have a panel of Solicitors we use and recommend, those who can support you through the conveyancing of both a purchase and sale.
All of the above has resulted in perfect selling conditions! The market is moving quickly and once launched, you should not be surprised when receiving offers in a matter of days, if not weeks.
Unsure whether to move now or later? Have your home valued by Regents. Let us explain the selling process in full, the services we offer and of course, what we would hope to sell your home for. If you decide now is not the time, we can have your home ‘market ready’ so the minute you want to proceed, you’ve got a head start on t your marketing plans.
Whether you are buying, selling or require mortgage advice, contact Regents to discuss your options with us.