Spring Property Market At Its Strongest Point In A Decade
The property market has become a seller’s market, as a demand unprecedented over the past decade as well as extensions to measures that have already led to a surging property market has led to increased prices.
According to the latest House Price Index by Rightmove, the number of buyers enquiring about each property is over a third (34 per cent) higher than at the same time last year, itself an active market before the market was forced to temporarily close.
Despite the shortage of property, sales are up by 12 per cent compared to the previous year and have been agreed for almost two-thirds of properties on the books of estate agents.
The reasons for this increased level of activity, as well as the increased interest in the use of a relocation property consultant, is the changing needs of homeowners due to circumstances seen over the past year, coupled with low mortgage rates and the stamp duty holiday.
With many people working from home for the first time, space has become more important than location, and so many office professionals are choosing to relocate to see how much space they could potentially afford.
This trend is certainly something that we’re seeing here at Address Property, with incoming enquiries from clients increasingly including must-haves such as home offices, gardens and other outdoor spaces.
This, along with measures to extend the stamp duty reduction until September, as well as introduce a help-to-buy style mortgage guarantee scheme announced in early March, suggests the continuation of a highly competitive housing market for pretty much the rest of this year.