It might be that things start to slow down in the national housing market from this point, but right now, there is still a great deal of action and activity in the property market.
At Intercounty, we see this when we speak with clients, and we also see this in the figures which come from the latest studies and reviews of the housing market.
We want to ensure you make an informed decision when it comes to your next move. Whatever is on your mind, come and speak with us, and we will do our best to assist you.
Homes are selling well right now
According to the latest information provided by Rightmove, 68% of properties across Great Britain have found a buyer in the current housing market. In 2012, this figure was 41%, and the current figure is the highest percentage recorded in the past decade.
Rightmove studied information from 13 million listings, and of course, Rightmove is recognised as the leading property portal in the UK.
What do the Rightmove experts say?
Tim Bannister, director of property data at Rightmove, says: “There’s been a much greater chance of a seller finding a buyer over the past year, which really highlights the sheer number of people who have been determined to move. While the long-term average shows that typically around half of properties sell, the increase in 2021 reflects the frenzied buyer activity we’ve seen in the current market, driven by multiple factors such as pent-up demand and changing priorities.”
Tim Bannister continued by saying; “This efficiency in the market means agents are operating on limited stock, and they need more homes to satisfy all types of buyers. We’ve seen from previous research that Scotland often contains the most likely areas to find a buyer, and London the least, however the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope, and the popularity of every area in Great Britain is increasing.”
Asking prices have risen
The leading property portal also said that since mid-June and early July, asking prices for property rose by 0.7% compared to one month before. This is the most significant increase for this time of year since 2007.
Average asking prices reached a record level for the fourth month in a row and over the most recent six months, asking prices have risen by 6.7%.
With the change to the stamp duty holiday deadline coming into effect for the start of July, there was a busy time in June with deals being rushed to conclusion. This further impacted the supply of homes in the market in July, and Tim Bannister also said; “This has left prospective purchasers with the lowest choice of homes for sale that we've ever recorded, continuing price rises, and stretched affordability.”
For all property services, please feel free to call us on 01279 757250 or why not check out our instant valuation service by clicking here. With considerable experience in the local property market, and free valuation services, we look forward to helping you make your next move in style.