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Records show busiest spring property market in 10 years

Records show busiest spring property market in 10 years

Spring is always seen as the time to buy and sell property.

And as spring 2021 approaches, we’re looking at the strongest sellers’ market for 10 years, according to Rightmove.

Here, we’ll round up all the data that suggests we’re in for another busy period in the UK market and explain why there’s never been a better time to list your home, if you’re thinking of selling.


UK property market news: Spring 2021

The confirmation at the spring Budget of an extension to the stamp duty ‘holiday’ unquestionably gave the market a further boost, with the buoyancy from 2020 carrying over into the first two months of the new year.

In January, Rightmove reported a 33% rise in visits, with the number of buyers making contact with estate agents up 12% compared with January 2020. February, meanwhile, saw visits up by 45% and enquires up by 18%, with strong buyer demand continuing to outstrip supply.


The spring budget effect

The rumours of an extension to the stamp duty deadline started at the end of February, before the Budget on March 3.

Here at Martin & Co, those rumours sparked a huge spike in traffic to our own website with several records re-written:

• We recorded our busiest ever week on the Martin & Co site during the week commencing February 14

• Wednesday, February 17 was our busiest day of 2021 so far with a 16% rise in compared with July 8, 2020 – the day the stamp duty ‘holiday’ was announced

• Our website recorded its busiest ever month in January 2021 closely followed by our second busiest ever month in February 2021 – with increases of 29% and 30% respectively year-on-year


Demand vs supply

The number of buyers enquiring about each property on the market during February rose by 34% compared with a year ago, according to Rightmove’s February House Price Index.

That demand vs supply conundrum has continued into March with sales agreed on two of every three properties on the market and buyers keen to complete before the new stamp duty deadline of June 30 are eagerly awaiting more homes coming up for sale.

Despite the shortage of property coming to market, however, sales in the first week of March 2021 were still up by 12% compared with a year ago.

Rightmove also reports:

• More than seven million visits per day on average during February – 40% up year on year

• New listings are only 5% down during the first week of March, compared with -20% in February, hinting that more sellers are now putting their homes up for sale


UK property prices: Spring 2021

The national average asking price in the UK rose by 0.5% between January and February, taking the UK average asking price to £318,580 – a 3% rise on the previous year.


Feb 2021

Jan 2021

Monthly change

Annual change

First-time buyers

£200,692

£200,578

0.1%

3.6%

Second-steppers

£290,119

£288,752

0.5%

4.1%

Top of ladder

£561,858

£562,543

0.1%

4.1%



Regional property prices


Region

Avg price

Annual change

South West

£318,449

3.4%

South East

£414,445

2.6%

North East

£159,430

5.4%

East of England

£363,974

3.1%

London

£621,886

-1.1%

Yorks & Humber

£202,809

2.8%

North West

£215,561

7.3%

East Midlands

£236,453

3.2%

West Midlands

£240,789

3.8%

Wales

£212,378

6.4%

Scotland

£161,522

5.2%



UK rental prices: Spring 2021

According to data from the Office of National Statistics (ONS), rental prices across the UK grew by 1.3% in the year to January 2021.

Landlords, according to Rightmove’s most recent Rental Price Tracker, though, are enjoying average rents of £972 per month – a 3.7% rise year on year.


Property market predictions for the rest of 2021

The property market’s performance since the March 2020 lockdown has defied expectation, with price growth at the end of 2020 6.6% up on 2019 – despite the enforced spring shutdown and all the uncertainty sparked by the pandemic.

The Office for Budget Responsibility predicts prices will grow by 4% in 2021, with Rightmove predicting the same increases in value.


Ready to sell?

If you’re ready to take advantage of the busy spring market and record buyer demand, start with a free video valuation of your home.

And if you have any questions about selling, or buying, during the pandemic, contact your local Martin & Co branch, who will be happy to help.