Strongest Spring Housing Market in a Decade!
Market Update- Rightmove is reporting that record numbers of buyers are looking for properties and outstripping supply making the best sellers market we have seen in 10 years.
What is happening to the housing market?
Rightmove is reporting a record number of buyers sending property enquiries this month. Demand levels are 34% higher than this time last year when we were still experiencing a strong lockdown market. The surge in demand is thought to be fuelled by home buyers looking for more space and a change of lifestyle following the several lockdowns.
We are therefore seeing the strongest sellers market in a decade and possibly the best ever Easter period yet to come.
The number of sales agreed for the first week of March is still 12% higher than a year ago and almost 2 out of 3 properties on estate agents books are sold subject to contract.
Has the stamp duty holiday helped?
Yes!
Tim Bannister at Rightmove believes that concerns of a cliff edge for the property market have been dissipated with the SDLT holiday extension.
The new stamp duty charges have been tapered with the main holiday ending on June 30th and then the threshold has been increased so no SDLT is paid up to £250,000 until the end of September. Along with the reintroduction of 5% mortgage deposits the demand for property is soaring.
Is now a good time to sell?
Rightmove is also seeing early signs of sellers returning to the market, a shortage of supply and an increase in demand has inevitably led to increases in house prices.
So in short yes, now is a good time to sell as you may get more for your home than you expected and recovery in the number of properties coming to market should ease the shortage of stock and give you more choice of houses to purchase.
Get in touch with us to discuss why now might be the time for your next move.
Contact us:
Bebington Branch
0151 644 6000
lesley@lesleyhooks.co.uk
Bromborough Branch
0151 334 5875
rachael@lesleyhooks.co.uk
Whatsapp (messages only)
07538771198