THE PROPERTY MARKET BOOM: What will happen next?
Can the housing demand keep growing? Find out.......
To sell or not to sell? Are house prices still increasing? Our latest article is here to help…..
It’s no big secret that the housing market is at a crazy level currently; properties are now selling within 45 days of becoming available - sometime weeks sooner than the average time required to sell back in January. There is also huge numbers of buyers joining the market each week, with mortgage enquiries and applications increasing every month.
If you’re selling or considering a move in the future, this article is here to help you understand the current marketplace, and how you can make the most of the opportunity.
What’s happening to house prices?
Putting it bluntly, if you want to get the optimum price for your property, now is a great time to sell. Asking prices are at a record high and up in all regions compared to before the pandemic.
House price inflation at the strongest in seven years
The average asking price of a property has now reached a record high. The annual house price inflation was actually at its strongest level in nearly seven years (according to Halifax). If you’re thinking of selling, when was the last time you had your home valued? It could be worth much more than you think.
High demand for two and three-bedroom homes
We are finding that sellers with two and three-bedroom properties are in a strong position. These types of properties, in areas where prices are below the regional average, have seen the largest increase in interest from potential buyers. The lockdown period has made people reassess what they want from a property, we are finding people are craving their own outdoor space.
Demand from buyers continues to skyrocket
Buyer demand is at an all-time high. One positive from the Lockdown has been that people have been able to save extra funds as they have not been able to spend resulting in an unexpected build-up of savings, which can now be used to fund bigger deposits for bigger properties.
In fact, demand has spiked so much in recent months coupled with the stamp duty holiday has resulted in increasing prices and sales. If you’re thinking of selling, the demand from buyers also means you’re in a position to get a good price and a quick sale if you come to market now, but don't panic about finding your next dream home as that's where you agent comes in, as without finding your next perfect home there will be no move.
What does the current property market mean for you as a landlord?
Investing in the right area is crucial, we are seeing huge demand for rental homes in this increasingly busy property market. Asking rents are rising and have now hit another record high. It is an incredibly profitable time to be a landlord if you invest in the right areas.
What does the current property market mean for you as a seller?
We are in the boom of the property market cycle. This means it is a fantastic time to sell as house prices continue to increase. It also means it is incredibly important to know the value of your property.
The current conditions are so great for sellers that many homeowners are drastically undervaluing their property. Zoopla recently claimed that the average UK homeowner currently undervalues their home by a staggering £46,000. We can’t stress enough the importance of understanding your property’s worth, the only way you can do this fully is be asking an agent to visit in person or carry out a virtual valuation.
Will I definitely find a buyer?
The number of buyers registering with agents continues to increase.
Buyers are being enticed to the market by the return of 95% mortgages coupled with the extra saving they have saved during lockdown.
Whilst there is no guarantee of finding a buyer for every single property o the market, working with a reputable estate agent who is local, has a good track record along with a database of buyers can make or break the process.
Well you now know it is a great time to be a seller. Nearly all areas of the UK have experienced an acceleration in annual house price inflation. If you list your home now providing it is not overvalued by a desperate estate agent it will stand out and attract a buyer.
One of the most important parts of your sales journey is knowing the value of your property. That is why it is paramount that you get your home valued by an expert - which is quick and easy and can be booked here.
Alternatively if you are not quite ready you can obtain a online valuation to give you a guide price of your property value by clicking here.
As always we are on hand to answer any of your queries related to selling or buying a property in Poole, call us on 01202 621900
You can also register you new property purchase requirements HERE