Given the demand for homes right now, if you are thinking about selling your home, you can enter the market with some confidence. If you rely on the leading local agent, you can feel particularly confident about connecting with buyers.
At Austin Property Services, we can provide you with a property valuation that will ensure you are in the best starting place to sell your home.
Property listings are on the rise
In looking at the March and April 2021 listings in comparison with the January and February 2021 listings, the following results occurred, according to Rightmove:
An increase of 51% for properties coming to the market
More than 260,000 new properties being listed for sale over the past two months
Rightmove’s property expert Tim Bannister says: “More buyers have realised they don’t have the luxury of waiting until the weekend to decide which properties they want to request to view, and so they’re making sure they’ve signed up to find out first when a home comes up for sale.”
Bannister also said; “We’re hearing reports of some areas where properties are selling within a few days of being added to Rightmove, and the average time to find a buyer is the quickest we’ve ever recorded nationally. But we also know there are thousands of local markets and some are moving more slowly than others, so as a seller you’ll want your property being seen by the biggest group of buyers possible, giving it the best chance of selling and achieving the best price.”
RICS chief economist Simon Rubinsohn said: “Housing supply, or more pertinently, the shortfall in supply relative to demand is the key theme coming through loud and clear from respondents. While it may be simplistic to assume that higher numbers alone can redress the affordability issue particularly in a low interest rate environment, an uplift in delivery does have a role to play. Planning reforms as outlined in The Queen’s Speech are likely to provide part of the answer although it is critical, particularly with regard to permitted development rights, that quality and safety are not compromised.”
Supply is rising but it doesn’t yet match demand
Jeremy Leaf, a former RICS residential chairman, highlights that while listings are rising, the supply of property is still not sufficient to match the demand for property. Jeremy said; “Sales agreed are rising and fall-through rates dropping as the 30 June deadline for stamp duty tapering looms ever larger on the horizon. Economic recovery, low interest rates, faster vaccine rollout and unexpected lockdown savings, are giving confidence that prices may soften at worst at some point, rather than correct significantly. The new high loan-to-value mortgages are further underpinning activity and demonstrating to many that the government also has a vested interest in propping up house-price growth.”
Rich Horner is the head of individual protection at MetLife, and he thinks that FOMO, or the fear of missing out, is driving activity in the market. Rich said; “Many listings being sold at inflated prices that would have been inconceivable a year ago. But the market knows that this level of activity and house price growth is not sustainable, it’s a question of when prices stabilise rather than if.”