Things are moving fast in the housing market, and if you want to make the best decision, it is best to call on the help of a local specialist.
At Austin Property Services, we are pleased to say we have assisted many local vendors and buyers. We know what local people are looking for, and we know what leading names in the property market are saying.
Property portal records a lot of activity
In mid-April, Rightmove figures stated:
Asking prices have increased by 2.1%
The average asking price of property in the UK stands at £327,797
This is a significant increase (of more than £4,000) on the previous high, which occurred in October 2020
Rightmove has classed the current market as the fastest-selling market since they started recording this phenomenon
Tim Bannister, the Property Data Director at Rightmove, said; “This is only the second time over the past five years that prices have increased by over two per cent in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.”
Tim also said; “The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high. The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95 per cent mortgages and a shortage of suitable property to buy.”
Tim continued by saying; “There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings. It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred.”
Tim Bannister concluded by saying; “Almost one in four properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”
As at the end of April, Rightmove classed the Weymouth housing market as:
“Properties in Weymouth had an overall average price of £270,238 over the last year.
The majority of sales in Weymouth during the last year were detached properties, selling for an average price of £381,376. Terraced properties sold for an average of £227,494, with semi-detached properties fetching £274,014.
Overall, sold prices in Weymouth over the last year were 7% up on the previous year and 6% up on the 2018 peak of £254,583.”
Rightmove said the following about the Bournemouth property market;
“Properties in Bournemouth had an overall average price of £322,003 over the last year.
The majority of sales in Bournemouth during the last year were flats, selling for an average price of £217,825. Detached properties sold for an average of £440,541, with semi-detached properties fetching £309,389.
Overall, sold prices in Bournemouth over the last year were 13% up on the previous year and 16% up on the 2018 peak of £278,315.”