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A Fast-Selling Market Helps Buyers And Vendors

May 24th 2021
By: Thomas Morris
A Fast-Selling Market Helps Buyers And Vendors

At Thomas Morris, we have noticed the considerable level of demand for homes of late. We know that prospective buyers are looking for homes, and we are pleased to say we have helped many buyers and vendors connect in the local area.

While there is a backlog in processing property deals, many deals are being agreed quickly. This is something we have noticed in the local area, and it is something that is seen across the country.

As always, we work hard to ensure you remain in touch with what is happening on your doorstep, and across the country in the housing market.

Property portal records a lot of activity

In mid-April, Rightmove figures stated:

  • Asking prices have increased by 2.1%

  • The average asking price of property in the UK stands at £327,797

  • This is a significant increase (of more than £4,000) on the previous high, which occurred in October 2020

  • Rightmove has classed the current market as the fastest-selling market since they started recording this phenomenon

Tim Bannister, the Property Data Director at Rightmove, said; “This is only the second time over the past five years that prices have increased by over two per cent in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.”

Tim also said; “The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high. The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95 per cent mortgages and a shortage of suitable property to buy.”

Tim continued by saying; “There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings. It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred.”

Tim Bannister concluded by saying; “Almost one in four properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”

If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.