The price of property updates coming to the market has surged past last month’s record and jumped by an average of 1.8% (+£5,983) in October. This is the highest percentage monthly rise at this time of year since October 2015 according to Rightmove. In addition, this is the first time since March 2007 that Rightmove have delivered a ‘full house’ of price records in all regions and in all property market sectors (first-time buyers, second stepper and top of the ladder).
The new number of properties coming to the market ticks up compared to summer, but not enough to satisfy strong Autumn demand from buyers.
2021 has been the year of the power-buyer – those with their property already sold subject to contract or who have nothing to sell – and thus have the best negotiating hand to secure their ideal home in these ‘full house’ market conditions.
The continued fast turnover of property for sale and a window of opportunity to buy before potential interest rate rise seem to have overcome the final expiry of all stamp duty incentives and are keeping activity robust.
The latest snapshot shows that the number of new sellers coming to market is marginally down on the same period in 2019, but only by 3.2% as opposed to 9.3% for the period as a whole.
The continuing imbalance, with demand outstripping supply presents an opportunity for owners looking to sell and cash out if they are downsizing or not needing to buy another property.
So if you are thinking of selling your home, then November could be a lucrative time to start the ball rolling. The property update market doesn’t grind to a halt, although there is generally less competition on the market which often means higher prices and potentially a quicker sale. If you do decide to wait until the New year, now is a good time to start getting everything in place, particularly in terms of arranging the marketing (photographs, and 3D tours taken before the Christmas decorations go up). Boxing Day is the biggest day of the year for property searches so it is important that your property is visible on the portals, with viewings arranged for early January.
If you are considering selling your home, call for a free Market Appraisal with David Phillip FRICS on 01134 676 400.
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