Compared to the market pre-lockdown last year, there is an increase of 34% in demand currently, yet while there is extremely high demand for properties, the demand strongly outweighs supply. This has meant that it is the strongest seller's market that has been seen for over ten years. After seeing declines in house prices for the first time for a while during the first two months of 2021, March has noted an increase of 0.8%, this could reflect the seller's market, meaning that buyers are competing and therefore offering more.
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 are unsure if now is the time to sell or buy, call us today on 01233 501601 or email email@example.com