April 2021 Property Market Comment
Time to Spring into action?
The decision to extend both the stamp duty holiday and the furlough scheme, as well as the new guarantee for high loan-to-value mortgages, have played their part in reducing uncertainty and boosting confidence.
Add to that the easing of lockdown, rollout of the vaccine, impressive business growth, the traditionally busy spring market, particularly this year with its pent-up demand, and we have a recipe for one of the strongest seller’s markets in recent memory.
According to the Acadata House Price Index the average price in Wales & England stands at £339,160 – a rise of 9.8% on the same time last year - out of interest in our area, our sales are currently averaging £259,245. This provides us with a real sense of how the housing market is significantly outperforming the wider economy.
That’s great for home owners and property investors, albeit not so good for people not yet on the property ladder. According to one of the large property portals, buyer demand last month was up 34% on the same time last year and supply levels of properties for sale are down 13%. This imbalance is at a ten-year high.
So it’s competitive out there. If you’re looking to buy, it’s critically important that you can demonstrate that you are in a proceedable position. Ideally you should have your mortgage agreed in principle,- they’re not easy at the moment. In the ideal world, you should also have your own property either sold or under offer, and you must accept that you may need to be flexible on both timing and price.
If you’re selling, then you’re in a strong position, and yes, you may well secure an impressive figure, even ahead of your asking price in some instances. (That happens about 11% of the time (source Propertymark). But do be careful how you pitch your price. Please do speak to us before plucking an impressive figure out of the air, as that often leads to disappointment.
There is more to this than meets the eye. We CAN help you maximise your price but there’s a bit of science behind it, a bit of psychology, as well as our local, specialist expertise in choosing the best method of marketing your property.
In fact, we may already have the right buyer for your home, and they might pay a premium for advance access to it.
Some people tell us that they are reluctant to put their own property on the market because they feel they might not be able to find anything suitable to buy. That’s understandable. But so often, during times like this, many sales are agreed “off-market” - to pre-qualified buyers before the property even hits the portals. So we say, “have a little faith” – there’s more out there than you might expect, but you may not be offered it until you yourself are in a strong position to buy. So take the plunge and enjoy this seller’s market while you can.
Please don’t hesitate to contact your local office listed below for a free “virtual” or “physical” overview, with a smile and no obligation, no paperwork, no fuss in a safe manner.
From the team here at Williams & Goodwin may we extend our best wishes for a safe, healthy and Happy Spring and summer Market!
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