As we are closely following changes and trends in the housing market, we decided to share some information regarding house price trends with you.
According to Rightmove, we can call it “the strongest spring sellers’ market in the past decade”. The average price of property coming to market rises by 0.8% this month as buyer demand reaches record levels. The demand has been driven by the side effects of the lockdowns and the additional spur of government incentives, so there is an anticipation of further price rises during the spring selling season. It is worth mentioning that this spring could be one of the best time to sell.
The Rightmove report also shares some other important key points with us:
- The number of potential buyers enquiring about each available property in the month is at a record, and is 34% higher than the same period a year ago, which was itself an active market before the first lockdown;
- With sales already agreed for almost two out of three properties on agents’ books, buyers eagerly await fresh choice coming to market, making this the best sellers’ market of the past ten years;
- Start of traditional spring selling period sees the number of sales agreed for the first week in March up by 12% on the prior year despite the shortage of available stock;
- Daily average of over seven million visits to Rightmove in February, 40% up on February 2020;
- Early signs that more owners are now deciding to market their properties, spurred by incentives and lockdown easing; New listing numbers see building momentum in weekly run-rate, only 5% down during the first week of March compared to 20% down for the month of February;
- The tighter lending criteria put in place in 2014 will help to moderate the pace of price rises, but a sustained rise in fresh supply would also be a tempering factor.
If you are looking for a building survey, homebuyers report or valuation during this busy period – we will be happy to help. We have now extended our availability in Kensington, Chelsea and Fulham areas.
To book your survey, please email contact your local office.
Alternatively, you can submit your request using the form on our website.