The housing market continues to see strong numbers this February, with buyer demand up by 50%, its highest number in five years. *
According to Zoopla's latest House Price Index, demand for property soared by 49% for all property types, as buyers searched for both houses and flats. *
The race for space continues, with an influx of house hunters scrambling for the little property currently on the market. This spike in activity has pushed up the average price of a UK home to £242,000, increasing by £25,500 in the last 12 months. *
Demand is Increasing for All Property Types
Several factors, such as rising demand, the stamp duty holiday, and a shift in working patterns due to the pandemic, led to increasing demand for family homes, particularly in commuting zones and rural areas.
Detached houses are performing particularly well, with values soaring by 8%, according to Property Reporter. ** This is likely to be a result of the changing of homebuyer priorities, prompted by the pandemic, with people looking for bigger gardens and more room for working from home.
International demand is pushing the buyers’ market higher, as the relaxing of global travel has encouraged many to buy as an investment or to live.
What is Happening to House Prices?
Over the past two years, house values have increased significantly. There was an initial decline when the country went into lockdown for the first time in March 2020, followed by a significant rise in June 2020, and has been on the up ever since.
Property values across the UK have increased by 7.4% in the last 12 months, with houses increasing the most in value, with demand for three-bedroom homes four times higher than the five-year average. We are still seeing many buyers per property. This means now is a great time to sell.**
The current availability of competitive mortgage deals makes borrowing relatively cheap, making it a great time to relocate. If you need advice on mortgages, our expert local agents are happy to help. Or you can use our mortgage calculator.
Supply Levels Are Changing
The 2021 housing market saw a huge imbalance in supply and demand, resulting in a turbulent and unpredictable market. However, this year the market is set to stabilise, and although supply is still down by 44%, we are starting to see a rise in the number of houses on the market. This shows positive signs of a more fruitful market this year.**
However, with demand levels at a record-high and stock levels still low, now is a great time to sell a property.
So, why is now a great time to sell?
This March is set to be the strongest month to sell so far, as the spring surge gathers momentum. New data from Rightmove has analysed home-moving statistics over the last five years, excluding closed market periods, and has found that on average March is the best month for property enquiries. ***
On average, buyer competition is fiercest in March, giving many sellers a great chance of selling their property. We advise putting your home on the market, to avoid missing the market surge.
