This month we have looked at the figures released by Rightmove and Zoopla in their latest reports and combined them in one summarizing article rather than separate ones.
Property prices have continued to rise with the recent average monthly price rise being the largest for this time of year since 2004. Rightmove reports that the average price of property coming to the market was above £350,000 for the first time ever whilst the year-on-year change in prices in the Southwest is up 14.5% which is the largest increase anywhere in the UK.
The big question we get asked is whether prices are going to continue to increase or is there to be a crash but certainly the signs and the predictions are that the former is more likely. Despite the uncertainties in the world, spiraling living costs and a third rise in interest rates in 4 months Zoopla reported a 65% increase in demand for property for the 4 weeks to 20th March and Rightmove state that there are twice as many buyers as sellers which is the biggest mismatch ever recorded. The mismatch between demand and supply has been in place for the past 18 months – 2 years and is the main reason that prices have soared and until that imbalance is realigned it is likely that prices will continue to rise albeit at a slower rate due to all the other factors previously mentioned. One interesting number released is the fact that the biggest increase in available properties is in the 4 plus bedroom range where there are 12% more available properties than 12 months ago. Perhaps a sign of people downsizing where able due to those spiraling costs?
Here in the Southwest properties are now taking on average 30 days to sell from going to market which makes it again the fastest moving market in England, a position it held for nearly all of 2021. The likelihood of selling within the first week of putting your home on the market is the highest it has ever been with 22% of properties achieving a sale within 7 days. Furthermore 47% of properties sell within the first 2 weeks which is double the number for the same period in 2019.
What is certain is that if you need to sell to be able to buy then you must have a buyer in place to give yourself the best possible chance of success. For those concerned that they can’t then find what they want we would urge you not to worry. Buyers are more understanding and patient as long as they know the situation from the outset and certainly nobody is going to force you out your home with nowhere to go.
As always, we love to hear your comments and thoughts and are happy to answer any questions you may have on this, or any other property related matter. Feel free to drop us a message, call 01452 260993 or email firstname.lastname@example.org
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