Spring 2021: ‘Strongest seller’s market in over a decade’ - 25/03/21
Rightmove has announced that Spring 2021 is the strongest seller’s market in over a decade, reporting a 34% increase in demand year-on-year, showing there are many motivated buyers currently looking for their next home.
This surging level of demand has been influenced by people changing their living requirements following a radical change of lifestyle over the last year.
In January and February, we registered over 1,000 applicants at Robert Watts. The increased demand has resulted in us achieving the asking price or above for 40% of sales, which is great news for sellers.
The Chancellor announced in the Budget earlier this month that the stamp duty holiday will be extended, which is likely to increase demand further as buyers try to make a saving.
The tax break will continue until the end of June for properties up to the value of £500,000, with the threshold dropping to £250,000 until the end of September. From 1 October, the threshold for paying stamp duty will return to £125,000.
Many buyers and sellers have already benefitted from the stamp duty holiday, with some saving up to £15,000. The holiday has provided the housing market with a significant boost and has given many buyers and sellers the confidence to move.
To make a saving, you must legally complete by the deadline, meaning that time is of the essence for instructing an agent and putting your home on the market.
James Watts, Director of Robert Watts Estate Agents, commented: "Rightmove data confirms what we have been seeing locally over the last few weeks. Demand for homes in our region has never been higher, with property selling at the fastest rate in over a decade.
"People deserve a home that suits their needs now more than ever, so we would like to reassure our customers that we are committed to selling their property at their pace. Whether this is assisting with their onward purchase, wherever that might be, or holding on marketing until they've found the right home."
It is also expected that buyer demand will be boosted from April by the new Government guarantee enabling lenders to offer 95% mortgages on properties up to £600,000.
Accord has already announced that they will be offering 95% mortgages for first-time buyers without Government backing.
Please don’t hesitate to get in touch with our team for further advice and guidance on the current property market.