Rightmove released its latest House Price Index this week showing that a record number of potential buyers are enquiring about each available property.
Demand is currently 34% higher than the same period last year and Rightmove recorded seven million daily portal visits each day in February – 40% higher than the same month last year.
The Rightmove House Price Index also shows:
*Greatest excess of demand over supply over the past ten years, pushing up the average price of property coming to market by 0.8%.
*Number of potential buyers enquiring about each available property in the month is at a record and is 34% higher than the same period a year ago.
*With sales already agreed for almost two out of three properties on agents’ books, buyers eagerly await fresh choice coming to market, making this the best sellers’ market of the past ten year .
*Start of traditional spring selling period sees number of sales agreed for the first week in March up by 12% on prior year despite shortage of available stock.
*Daily average of over seven million visits to Rightmove in February, 40% up on February 2020.
It is believed that the current demand will be given a further boost in April when the government backed mortgage guarantee scheme will be open for applications, with buyers only requiring a 5% deposit. Following the withdrawal of many high LTV mortgages this is welcome news for first time buyers who have struggled to get onto, or move up, the property ladder over the last 12 months.
We are also still seeing record low interest rates and a re-evaluation of what we want and need from our homes following a year of being locked down on and off as we tackle the coronavirus pandemic. Families have realised the importance of outside space and many people have required additional space to work from home and carry out home schooling. The result is a strong sellers’ market especially as Easter approaches as this is typically a very busy time of year for the property market.
At the beginning of this month, we already noticed a rise in interest in family homes – this combined with a lack of properties for sale here in East Renfrewshire has resulted in many buyers missing out and still seeking family homes. Getting your property ready to sell and instructing an agent means you can take advantage of the current buoyant market conditions. Not only will it reduce the time it takes you to find a buyer, but you’re in with a good chance of selling for a better price by acting now.
Talk to us today about an appraisal of your home.