Cutting through the jargon... the "strongest spring" market ever

Another new record has been announced this month as the average price of property coming to market jumped 1.7% to £354,564 – breaking through the £350,000 barrier for the first time.

The figures, reported in Rightmove’s latest House Price Index, show the average monthly rise is the largest seen at this time of year since March 2004.

Rightmove’s Director of Property Data, Tim Bannister, notes that this is the strongest spring sellers’ market ever seen, by a number of metrics. This is the second consecutive month of record highs, and the unprecedented price levels translate into a 1.2% increase in our Yorkshire and Derbyshire region.

The largest monthly price rise has been recorded in the “top of the ladder” sector, predominantly comprising four-bedroom or more properties. It’s also worth noting that the more mass-market “second-stepper” sector is selling fastest, with just over half of these homes finding a buyer within the first two weeks of marketing.

What does this mean for sellers?

Sellers can secure record prices for their property at the moment but added to this; the Rightmove report suggests that finding a buyer within the first week is also at an all-time high for this time of year.

Sellers are twice as likely to find a buyer compared to the same period in 2019, but be sure to have a good local agent by your side to pick the best one for you.

In such a buoyant market, it’s important not to get carried away with agreeing a sale. What comes next is equally important, so work with an agent who can safeguard your sale, reduce the risk of fall-through and progress it to completion with an established local legal firm.

And for buyers?

While the market remains competitive for buyers, we are seeing incremental increases in the number of homes coming to the market. With Rightmove’s declaration of “the strongest spring” market, no doubt a healthy number of sellers will continue to enter the market as we move towards the summer.

This month, Rightmove’s data confirmed being a “power buyer” not only gives you the best chance of getting the property you want, but also securing it at a better price. We’ve touched on ‘power buyers’ in previous blogs, but this should continue to be front of mind for buyers. You can put yourself in a better position to get the home you want by becoming the readiest to proceed with a purchase – either through having sold your property or having cash in the bank or a mortgage in principle ready to buy.

If you have a property to sell, getting sold subject to contract puts you in a much more powerful position compared to buyers who have yet to sell.

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