Property Market Predictions
Now that we are moving towards the second phase of lockdown easement, what does the near future hold for buyers & sellers?
We’ve seen a huge surge in activity the first quarter of 2021 with Rightmove data indicating 2 out of 3 properties listed on the site are shown as Sold STC (subject to contract.) We are witnessing asking price and over asking price offers in record numbers, with buyers competing for the best properties. It’s fair to say properties with outside space and larger than average room sizes, which are priced fairly are the most popular. Sellers are facing a tough decision, sell now to achieve the best price whilst demand outstrips supply. Or wait and risk trying to move in a more buyer friendly market.
But that’s the present, what about 3-6 months down the line? Well, the Government have now launched their new 95% Mortgage guarantee scheme in an attempt to open up the playing field to more FTB’s and crucially, all other buyers (excluding BTL.) With demand already so high we are sure to see massive competition between Estate Agents as they each fight for instructions. If we are to truly see balance return to the market, a wave of confidence is required to encourage more homeowners to sell, only with more available choice will supply begin to meet demand and the prices of the properties should soften as a result.
Whatever happens we will be here to assist and advise our clients making their journey with selling or buying as smooth and stress-free as possible. We offer an honest and transparent fee structure and we ensure all of our buyers are fully vetted. If you’re thinking of selling this summer think of Square Space Property, first.