- Wed 10 Mar 2021
Following the timeline being announced for the easing of the lockdown, then the extension of the stamp duty relief, added to with 95% mortgage guarantee scheme the government is putting in place - the demand for property has reached fever pitch!
The market usually runs at a slight balance either in favour of the buyer or the seller, causing prices to either lower where there are more properties than buyers in the market, or to rise where there are less properties and buyer demand is higher. It is rarely in the middle, where prices are flat. We are without doubt currently in a seller’s market with buyers outnumbering properties coming to the market but to a level that we have not witnessed before.
We recently reported that our website traffic had hit record levels, which in part can be explained by the lockdown and people spending more time browsing online, however the recent news has sent not only more people online but we are starting to experience an increase in sellers requesting market appraisals and mortgage assistance, which are both signs of people looking to move, or at least investigating whether it is possible.
This is also the same for Landlords whether they are looking to change managing agents or perhaps instruct one after managing their properties themselves and simply cannot keep up with legislation changing so frequently or wish to get a better work/life balance.
These signs will benefit buyers and tenants alike, although is likely to stimulate even more activity across the region further added to by the fact that in April people will be able to book accommodation, therefore people from much further afield will also be looking to buy properties, meaning increased competition. So what can you do to get ahead of the crowd?
Well it helps if you have a dialogue with your local Bradleys office so you are front of mind when that illusive property comes available. For tenants, go ahead and complete our online registration form as soon as possible, likewise buyers can complete our mailing list registration form, although for both groups I would suggest you follow the local page on Facebook as many properties are seen there and on our website before Zoopla or Rightmove.
If you are yet to market your own home, start the wheels in motion now! Check out our free online estimates if you’re not quite ready, alternatively arrange for one of our experts to visit you in person to provide a more accurate appraisal.
Many people contact us with the mindset “Our home will sell quickly so we wish to find a home first.” In most cases, that simply won’t work and you will lose out so start taking those steps sooner rather than later to put yourself in the best buying position possible.
How long will this last?
Most sources that provide housing market forecasts, whether they are financial institutions, property data analysts or large Estate Agents with masses of data that will identify trends and demand are all suggesting it will not end anytime soon. Increased confidence following the vaccination programme appears to have woken many potential movers, interest rates are still very low enticing people to borrow and savers cannot gain any meaningful interest so are turning towards property so 2021 looks to be a busy year!