Strong Spring Market
Rightmove have recorded a 34% in demand for property compared to the same time last year. This makes this Spring’s housing market the strongest it has been in ten years, despite the financial adversity faced by many due to the COVID-19 pandemic.
There are several factors causing such a high level of interest in moving:
- The Government's stamp duty holiday, which has been extended until the end of June, has massively boosted the property market with buyers keen to make a potential £15,000 saving.
- Lockdown has caused people to re-evaluate their lifestyles, and their homes, resulting in many people searching for more space or to be closer to the countryside.
- The new mortgage guarantee scheme has been designed to encourage banks and lenders to provide 95% mortgages, enabling those with small deposits to get on the property ladder.
- Record low interest rates.
The high levels of demand are outstripping supply – great news for sellers who want to achieve their asking price and a quick sale. Demand has increased the average asking price of a property now to just over £321,000. Buyers will face a more limited choice, but there are still plenty of great properties out there, especially for those who are re-considering the requirements of their next home.
Jamie Smart, Director of smarthomes commented, “It’s a great time to sell your house at the moment – demand is high, asking prices have increased, and buyers are serious about purchasing, not just looking. We’re incredibly busy with enquiries, viewings, and progressing sales but we’re still offering our exceptionally high levels of customer service that we are renowned for.”
For those who are worried about prices continually increasing, making their dream property seem too far out of reach, tighter lending criteria on individuals was introduced in 2014, preventing people from borrowing unrealistic amounts and providing balance to the market.
To find out what properties smarthomes have for sale in Solihull and the surrounding area: