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Demand is still outstripping supply

Demand is still outstripping supply

It may come as no surprise to anyone who has sold or purchased a new home recently that Rightmove has recorded the busiest ever first half of a year and yet another increase in average prices by 6.7%

 

The heightened level of activity has been caused by the Stamp Duty holiday and in our view the main reason being a change in many buyer’s lifestyles .ie working from home, moving nearer family and more flexibility to relocate.  This has caused an estimated shortfall of 225,000 homes across the UK and this has been most notable in the more expensive sectors of the market.

Four bedroomed plus properties have seen a surge of 39% in the number of sales being agreed, and a drop of 15% in the number coming to market when compared to the first six months of 2019.  Three bedroomed homes there has been 29% more sales agreed and a fall in new listing numbers of 10%.

With high activity levels continuing despite the June stamp duty deadline now passing, there is an urgent need for these low stocks of property for sale to be rebuilt in order for price stability to return. However, with residential property prices appreciating better than many other asset classes, we expect the busy period to continue into the latter half of the year.

 

A Few Stats:

 

Month Avg. asking price Monthly change Annual change Index
July 2021 £338,447 +0.7% +5.7% 261.7
June 2021 £336,073 +0.8% +7.5% (vs. March) 259.8

 

Sector July 2021 June 2021 Monthly change Annual change
First time buyers £207,386 £205,540 +0.9% +4.0%
Second-steppers £308,668 £305,263 +1.1% +7.0%
Top of the ladder £621,120 £616,475 +0.8% +8.8%

 

Rightmove measured 95,164 asking prices this month nationally, circa 95% of the UK market. The properties were put on sale by estate agents from 13th June to 10th July 2021 and advertised on Rightmove.co.uk.

This is very positive news for property owners still thinking of a move this year.   Properties are not only selling for higher figures, some even higher than asking price, but also at a very fast rate.  There are also still some savings to be made on Stamp Duty with the threshold currently sitting at £250,000 up until the 30th September and furthermore there are still more low deposit mortgages available than in previous years and upfront costs for a property purchase are still lower than we have seen over the past years despite rising property prices.

Our next Blog will be about how we are helping our clients manage moving home and selling without the worry that they cannot find somewhere and being pressurized by their buyers.

 

For more information on how Osprey can assist with your move please contact our team on 01572 756675 or 01780 769369.

 

 

 

 

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Vicky Liddington

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