Rightmove has stated the average price of a UK property coming to market now stands at £341,019, with the average price in the South East being £430,918. This is an monthly increase of 0.3%, meaning a 7.6% price increase compared to January 2021.
"The jump in average asking prices this month is driven by homes in the “top of the ladder” and “first-time buyer” sectors, with first time-buyer type homes hitting a new record average asking price of £214,176" (Rightmove, 2022). Due to a shortage of available properties across the nation, we are still seeing prices increasing. For first time buyers who may have had to dip into their savings over lockdown are now returning to the market. With the assistance of help to buy schemes and Government incentives such as no/reduced stamp duty fee. For homeowners who are in between these sectors, these were those that dominated the market following lockdown. A few months ago we saw a high demand for 3/4 bedroom properties due to a stock shortage, this is still reflected now.
The amount of buyers enquiring about properties are 15% higher than January 2021. While stock levels are still low, the market could continue to see price increases across the UK. "More than 70% of the properties currently on estate agents’ books have already been sold, leaving less than 30% still available to buy." While this shortage of available properties continues, prices are expected to increase.
"Three regions are in most urgent need of new supply, the East Midlands, South West and South East of England, as they are now at unsustainable rates of annual price growth above 10%."- Tim Bannister (Rightmove’s Director of Property Data). Currently in Ashford, stock levels are a lot lower than normal, so if you are looking to move, we would recommend that you register for property alerts with local agents and Rightmove to make sure you are one of the first to know.
Rightmove have seen an increase in homeowners requesting a valuation on their property by 44% on the first working week of January 2022 compared to the same time in January 2021. While a low stock with high demand pushes prices up and therefore becoming a sellers market. A buyers market is when there are not enough buyers to the amount of stock. Currently we are still seeing a strong sellers market, yet there is no certainty to how long this will last.
However, Tim Bannister suggests "Almost 40% of people enquiring about a home who have a property to sell say that they are yet to put it on the market. In the current market, where they are competing against other buyers who are able to move more quickly, this is likely to mean they’ll miss out on the home they want." A 'Power Buyer' is someone who is in a proceedable position. For example, they will have their finances in place and if they have a property to sell, that this is already under offer.
If you have any questions, queries or would like some advice on the current Ashford market, speak to one of the team today on 01233 501601 or email us via ashford@evolutionproperties.co.uk.
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