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Housing Market Is Moving Quickly

May 6th 2021
By: Intercounty
Housing Market Is Moving Quickly

With so much activity in the housing market, it is no surprise that prices are rising and that deals are being agreed quickly. There is still a backlog in concluding the paperwork, but many people have moved quickly with great reward in the housing market of late.

This is something we have noticed at Intercounty. We are pleased to say we have helped many buyers and vendors in Harlow connect, and we look froward to assisting you as best we can.

Property portal records a lot of activity

In mid-April, Rightmove figures stated:

  • Asking prices have increased by 2.1%

  • The average asking price of property in the UK stands at £327,797

  • This is a significant increase (of more than £4,000) on the previous high, which occurred in October 2020

  • Rightmove has classed the current market as the fastest-selling market since they started recording this phenomenon

Tim Bannister, the Property Data Director at Rightmove, said; “This is only the second time over the past five years that prices have increased by over two per cent in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.”

Tim also said; “The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high. The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95 per cent mortgages and a shortage of suitable property to buy.”

Tim continued by saying; “There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings. It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred.”

Tim Bannister concluded by saying; “Almost one in four properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”

Are you in touch with the Harlow housing market?

As at the beginning of May, Rightmove classed the Harlow housing market as:

Properties in Harlow had an overall average price of £317,382 over the last year.

The majority of sales in Harlow during the last year were terraced properties, selling for an average price of £289,665. Semi-detached properties sold for an average of £372,415, with flats fetching £193,122.

Overall, sold prices in Harlow over the last year were similar to the previous year and similar to the 2017 peak of £318,422.

For property enquiries in Harlow, please feel free to call us on 01279 639666 or why not email us at harlow@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move