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Bishop's Stortford Vendors – It’s A Sellers’ Market

April 23rd 2021
By: Intercounty
Bishop's Stortford Vendors – It’s A Sellers’ Market

If you pay attention to property market stories in the media, you will likely have heard the phrase, it’s a sellers’ market, of late.

This is because the level of demand for homes is significantly greater than the supply of homes. This should place homeowners looking to sell their house in a strong position.

However, you cannot assume that you will sell quickly, or for the best price.

There are many factors associated with the housing market, and it is best to make an informed decision when connecting with buyers. At Intercounty, we know the local market well in Bishop’s Stortford. We also stay in touch with the latest market news.

Rightmove says buyer searches are rising

  • 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.”

Industry observers agree there is an opportunity for vendors to connect with buyers

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.”

Nick Leeming, chairman of Jackson-Stops, added: “Across all our branches, the rate that new buyers are coming to the market is much faster than the rate in which new homes are being listed for sale, with 17 buyers chasing every new home that we listed last month. However, we are starting to see signs of rebalancing as more vendors have been in contact over the past week following the Chancellor's stamp duty holiday extension. For those considering a sale in the next 12 months, now is certainly the time to act to ensure you can take advantage of current favourable market conditions.”

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 bishopsstortford@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move.