Rightmove reported that over February 2021 the prices of properties rose by 0.5%, which could be due to the extension of the stamp duty holiday as people were given a second chance before they missed out on the savings. The market prior to this saw a decline in prices slightly, however this extension mixed with a shortage of properties currently on the market explains this increase. With the property market being in the hands of sellers, it would be expected this increase to continue over the next few months, but over the last week there has been a noticeable increase in new properties coming to the market. Rental properties also reflected this increase, with a Landlords market.
Compared to this time last year, just before lockdown, the number of buyers currently looking has increased by 34%. According to Rightmove, estate agents across the UK have a large pipeline currently with a large proportion as SSTC, meaning this has been the strongest seller's market in over a decade. With the Governments backing of 95% mortgages, those that were looking to buy but had to dip into savings over the last year due to furlough or loss of jobs, this small deposit can help those with smaller deposits either get on or move up the property ladder.
With spring fast approaching and it being one of the busiest times of the year for the market, this spring could be exceptionally busy, enquiries have already increased with website traffic up by 40% according to Rightmove. Currently there are so many reasons in favour of buying and selling, if you are unsure if now is the time to sell or buy, call us today.
READ MORE: https://www.rightmove.co.uk/press-centre/house-price-index/february-2021/
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