Record number of buyers creates the strongest housing market for sellers in a decade
We know if one positive thing has come out of the COVID pandemic it is the incredibly strong property market, and the latest figures from Rightmove show that demand levels are only getting stronger, which is great news for sellers. In fact, demand levels are 34% higher than this time last year when we were already experiencing a strong pre-lockdown market.
The Lockdown Effect – families looking for more outdoor space, and people not being tied to a set location with home working – has led to a major surge in buyers enquiring about properties throughout the UK. Demand is so high it is outstripping the number of homes for sale by the biggest margin over the past ten years.
Combined with the extension to the Stamp Duty Holiday, this has made it the strongest seller’s market of the decade and potentially one of the best ever Easter periods to sell. The average house price has risen each month so far in 2021 and has risen over 3% from last year already.
Rightmove’s Property Data Expert Tim Bannister has said, “Concerns of a cliff edge for the housing market at the end of March have dissipated, partly due to the tax deadline extensions in all of the UK bar Scotland. 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.”
“All of the numbers we use to track buyer activity on our site, which allow us to analyse around 95% of the UK property market, are ahead of this time last year. In February, we recorded seven million visits on average every day to Rightmove, an annual increase of 40%.”
So, with the number of buyers actively looking, don’t delay, contact us today for a FREE, no-obligation valuation.