Market Update - Property demand remains high - 17/05/21
Latest figures from Zoopla show that demand for property remains at a high level, with 2021 set to be the strongest year for sales since 2014-15.
Demand continues to out-pace stock, exacerbated by the number of first-time buyers currently coming to the market with nothing to sell. We are expecting to see a lack of supply for the rest of the year, and this is likely to impact levels of demand in the second half of the year, after the end of the extended stamp duty holiday.
Alongside the high demand for sales, the national number of fall throughs has remained below average at around 3%. These combined statistics are resulting in a highly competitive market for buyers. With reductions on asking price low and a shortage of properties, it is likely that the price of properties will continue to trend upwards and sell for asking price and above.
In short, now is a great time to sell your property as there are currently many motivated buyers looking for their dream home in West Yorkshire. At Robert Watts, we are committed to selling your home at your pace, whether this is helping you find your next home before marketing your property or negotiating time scales with potential buyers, we are here to support you.
Demand for property is not limited to sales, it also extends to the rental market. Applicant demand remains above stock levels, pushing the prices up; in the Yorkshire region there has been an increase of 3.2% in rental price, just above the national average for outside of London.
Due to this current heightened demand for property in the UK, now is a great time for landlords to approach their local agents about letting out their properties or expanding their portfolios.
If you need any advice on selling, renting or buying a property, please get in touch with our team.