Monthly Market Update
Welcome to our monthly Property Market Update.
Welcome to our monthly Property Market Update.
Easter is only a few weeks away and now that the clocks have moved to British Summer Time it really feels like winter is behind us.
For many people looking to buy, sell or rent a new home this is the perfect time of year to put plans into action - and what's more, Rightmove says this is the best Spring ever for sellers in the UK property market!
Sellers
In March the average asking price of a home across Britain reached a new record high. This is down to the old laws of 'supply and demand' - there are simply more people who want to buy than the number of homes that are on the market.
Rightmove say that the gap is actually the biggest they've ever measured at this time of year, with more than twice as many active buyers as sellers.
The result is that in many cases sellers are receiving multiple offers from buyers, especially when they’ve benefited from our bespoke marketing techniques. Sales are being agreed within the first fortnight on almost half of the homes listed, and of course asking prices are often being matched and even exceeded.
This particular point is even more amazing when you consider that the latest data from Rightmove shows house values in the South East up 3.3% last month alone and 12.6% on this time last year!
Buyers
This might all sound like great news for those looking to sell but what about if you’re looking to buy? Well of course many people who are sellers also find themselves faced with buying a new property, whether they are relocating, buying a bigger home or downsizing or moving for any other reason.
Also, with the Bank of England having increased the interest rate for the third time in four months and many experts expecting it to hit 2% by the end of the year, now is a good time to get mortgages fixed and deals done!
The bottom line is the simple truth that there will always be competition with other buyers at any time, so it's always essential to be attractive to a seller. Putting yourself in a good position is where we can help by making you a ‘Power Buyer’ so you have a better chance of securing the home you want.
A good estate agent knows that everyone involved in a property transaction is important and that it's all about helping sellers find the right buyers, and helping buyers find the right properties/sellers.
So whatever side of the housing market you find yourself on, book a call HERE for an advice meeting on the value of your home or REGISTER HERE for our Heads Up Property Alerts.
Enjoy eating copious amounts of chocolate over the next few weeks :)
All the best
Chris and the team at Harrisons Homes