Spring is traditionally the busiest time in the property market, however we haven’t had a quiet period yet – the market hasn’t missed a beat since last year.
Demand is high and stock is low so well-priced properties are selling fast at strong prices, to highly motivated buyers. It all bodes incredibly well for anyone planning to put their house on the market this year. If you are, I strongly advising getting to market as soon as you can.
Property prices
Despite predictions since last spring that the market will drop, prices have risen sharply. Once again this year, there are predictions from industry players that the market could drop, while others predict it will rise.
Motivation for moving
What does remain strong is the motivation to move and favourable financial circumstances. How we use our homes has changed markedly since last year; our homes are now our offices, schools, restaurants, pubs, cinemas, country parks. To some extent this will remain the case indefinitely. Meanwhile physical ties to company offices have been loosened if not severed. This has motivated many to upgrade their home space and/or move away from city living.
Favourable financials
While many have been adversely affected by COVID with resulting financial pressure, a significant number of people have been quietly saving money over the last year. These savings have been made on travel to work, holidays, eating out, clothing. Added to this is the low cost of borrowing, the stamp duty deadline extension and the government plan to support first time buyers. Overall there is strong, sustainable funding ready to be invested in improving on our critical home environment.
In summary
We are in uncharted territory, so it’s impossible to predict what will happen this year, or next. However it remains the case that well priced houses are selling quickly. If you’re planning to move this year, I recommend putting your house on the market sooner rather than later.
COVID safety measures: We are working closely with our sellers and viewers to safeguard everyone as much as possible against the transmission of COVID. Please contact us for more details.
To find out more about how best to market your home to achieve a strong sale, call us anytime.