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.
At Redbrik, we’re definitely seeing incredible levels of demand, with an average of eight buyers registered for every property since January. We are currently achieving on average 102.9% of the asking price, with many properties receiving multiple offers, taking property prices to new levels. This is in line with our prediction that property prices in our region will rise between 7 – 10% this year.
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.
To make a saving, you must legally complete by the deadline, meaning time is of the essence for instructing an agent and putting your home on the market.
A significant number of buyers and sellers have already benefitted from the stamp duty holiday, a savings of up to £15,000 on each purchase.
Mark Ross, Managing Director of Redbrik, commented: “Rightmove’s data confirms what we have been seeing locally over the last few weeks. Demand for homes in our region has never been higher and the scene is set for an incredibly exciting property market for the spring and summer. People deserve a home that suits their needs now more than ever. And for homeowners to achieve even better prices for their property will be a real boost for our community.
I encourage people to actively take their next step on the property ladder and to appoint a trusted team to achieve this for them.”
It is also expected that buyer demand will be boosted again 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. We advise you to speak to our partners at Connect Financial Solutions, for the latest mortgages and lending information.
Please don’t hesitate to get in touch with our team for further advice and guidance on the current property market.