The property market is certainly gathering momentum after a quieter start to 2021. 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 also recorded seven million daily portal visits each day in February which is 40% higher than the same month last year.
We are confident the demand will continue into the coming months with the return of the government backed mortgages with buyers only requiring a 5% deposit. Following the withdrawal of many high Loan to value mortgages since the pandemic began this is welcome news for many first time buyers as they seek to get onto the property ladder.
We are also still seeing record low interest rates and people are still continuing to evaluate what we want and need from our homes following a year of being locked down on and off due to the coronavirus pandemic. Families have realised the importance of outside space and many people have required additional space to work from home which is expected to continue to even when “normality” returns for many people.
The result so far this year is a strong sellers’ market with a lack of houses coming to market over the winter period, but a high number of good quality buyers looking to buy. At the beginning of this month, we already noticed a rise in family homes coming to the market now that children are back to school with a lot of time taken on home schooling, and with more people being vaccinated our valuation diary is approximately 50% busier than that of January and February. Which, with Easter approaching we expect the market to continue to get busier, as we come up to typically the busiest period of the year in the housing market over the next few months.
If you would like to find out the current price of your home, and about our unique services, or want to know how the property market is performing in your area please call us on 01603 764444.