The demand for homes is huge right now, which has led many vendors to consider what to do for the best. It is one thing selling your home for a grand price, but when it comes time to buy, an inflated price is harmful.
At Intercounty, we know what is happening nationally and locally in the housing market. If you wish to make an informed decision, we can help.
What is happening in Bishop’s Stortford?
According to Rightmove as per the end of August 2021, house prices in Bishop’s Stortford are as follows:
“Properties in Bishop's Stortford had an overall average price of £472,483 over the last year.
The majority of sales in Bishop's Stortford during the last year were detached properties, selling for an average price of £648,587. Semi-detached properties sold for an average of £452,367, with terraced properties fetching £349,286.
Overall, sold prices in Bishop's Stortford over the last year were 4% up on the previous year and 6% up on the 2018 peak of £445,718.”
One analysis of the market of late suggests as many as 117,500 vendors have decided to rent property in 2021 before looking to buy a home. This is a stop-gap measure, but if prices drop, it could be a smart move for vendors.
Also, given the high level of demand for housing right now, there is a lot to be said for waiting until this demand dies down. It might be buyers have more choice in six months to a year.
Landlords should be aware of increased demand for some property types
The increase in vendors renting in the short-term has led to an increase in various tenancy types, including:
Short-term rental contracts
Rolling rental contracts
Six-month rental contracts
A leading property market research chief, Aneisha Beveridge, says: “With many sellers facing pressure from their buyer to move as they struggle to find their next home, rising numbers of homeowners are breaking their chain and renting instead. While moving into a rented home to beat the end of a stamp duty holiday is not new, it is increasingly being used as a stop-gap by house-hunters faced with a lack of stock to buy. Renting before buying has also been driven by house hunters making more long-distance moves. With growing numbers looking to live in areas they know less well, many more are trying before they buy. While moving into a rented home to get to know an area often isn’t people’s preferred option, it’s nearly always more cost-effective than buying the wrong house in the wrong street.”
Aneisha Beveridge concluded by saying; “But while buyers face a lack of stock in the sales market, tenants are suffering from less choice in the rental market too. And this lack of stock is underpinning rental growth, which remains well above normal levels, with few signs it’s likely to significantly slow over the coming months. This lack of stock is also likely to suppress activity, meaning fewer homes could be let in 2021 than in 2020, despite last year’s lockdown.”
At Intercounty, we are here to assist you as best we can. We are local specialists in the Bishop’s Stortford housing market, and if you are keen to connect with likely buyers, we can assist you.
For property sector enquiries in Bishop’s Stortford, please feel free to call us on 01279 757250 or why not email us at email@example.com. With considerable experience in the local market, and free valuation services, we look forward to helping you move.