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The best sellers’ market of the last 10 years

Wednesday 19 May 2021

We have just received the recent House Price watch and are pleased to note that in March 2021, house prices were up on average 0.3% v the previous month and plus 6.9% v the previous year.

The stamp duty extension and the announcement of the new mortgage guarantee scheme means that the housing market is still likely to continue at pace. The number of houses coming to the market though is struggling to keep up with demand and therefore we are likely to see rising house prices until the supply of homes catches up with demand.

Property in Yorkshire and the Humber is seeing an increase of plus 10.9% and with the East Midlands at 10.6% the greatest rises are in the North of England.

Rightmove indicate that the number of potential buyers enquiring about each available property is at a record high. With sales agreed for almost two out of three properties, buyers eagerly await fresh choice coming to the market, making this the best sellers’ market of the last ten years. Rightmove also report that new listings are gaining momentum.

The Halifax says “the extended stamp duty holiday has put another spring in the step of home movers, overall we expect elevated levels of activity to be maintained in the coming months with consumer confidence spurred on by the successful vaccine rollout, and buyer demand still fuelled by a desire for larger properties and more outdoor space, as work-life priorities have shifted during the pandemic. A shortage of homes for sale will also support prices in the short term, as lower availability always favours sellers

David Phillip commented ‘if a property is priced realistically but competitively and is marketed in the best way to the greatest audience then a property will sell quickly. We have this week listed a property in Chapel Allerton and already had 21 bookings arranged, with six offers received today. We have a fresh and relevant database which ensures we have motivated buyers who are ready to proceed’

So, if you are looking to move home and would like a free market appraisal call David Phillip Estate Agents on 01134 676 400 w 86, Leeds road, Bramhope, Leeds LS16 9AN

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