The property market in March saw a decline in house prices by 0.2% month-on-month according to Nationwide's figures compared to February which saw an increase of 0.7% considering seasonal effects. This slowing of the market could be due to homeowners awaiting the outcome of the stamp duty holiday extension. However, towards the latter half of March, saw high levels of interest with Rightmove explaining that in this time frame on one day alone they hit a new record of more than 9.1 million visits. Rightmove has also said that the levels of sales being agreed was the highest over the last decade on Tuesday the 23rd March 2021. There has also been a high level of new properties that are coming to the market over the past couple of weeks, with a high level of valuations being booked in with agents. Looking over the first quarter of 2021 in comparison to the last quarter of last year there was a slight slowing, with numbers at the end of last year's annual house price growth of 6.9%, with this first quarter at 6.4%.
Compared to the market pre-lockdown last year, there is an increase of 34% in demand, which strongly outweighs supply. This has meant that it is the strongest seller's market that has been seen for over ten years.
Currently estate agents, like ourselves, are finding that an extremely high proportion of the properties in the pipeline are listed as sold subject to contract, which in comparison to March 2020 is around 12% higher on the first week of this month. Over the last two weeks, it seems to be that the market is starting to see more properties listed, however there is still a major shortage of available properties to buyers. Last month saw a drop of 20% in new listings, however it was the start of this month that saw the Stamp Duty holiday extended.
Spring has always been a busy time for the property market, but this mixed with the Stamp Duty holiday extension, the mortgage guarantee scheme and the change of homeowner's circumstances has meant an even busier property market.
If you would like to know what your property is worth on the current market, call us today on 01233 501601 or email us firstname.lastname@example.org.