Are you thinking of selling your home soon? Well good news! Rightmove have just released its annual figures to their shareholders and have reported the market is on the up!
Fuelled by renewed demand, The Capital has recorded the biggest annual jump in number of buyers sending enquiries to any region, and highest rate for price growth since 2016 as the covid restrictions end.
At Homefinders we are also seeing decisive decision making from buyers, having sold 2 properties before they even had a chance to hit the property portals. The properties in question are Alliance Road E13 and Abbotts Park Road E10, both are Freehold properties.
Rightmove has seen the number of viewed properties on their portal go up by 10%, which means there are more potential buyers out looking for houses or apartments with deep enough pockets that will house their purchase price too...
The asking price for properties coming to market is also on the rise. This month there is a 2.3% increase compared to the same period last year which means that average prices rose £7,000 and reached a record-high £348,804!
Prices are rising at a faster rate than ever before. The annual percentage increase in prices has reached 9%. This is higher than the previous high recorded for this time of year, which was only 7%.
WHAT’S DRIVING THE MARKET?
The data suggests that people are not done with their pandemic driven moves. Such a significant societal event means they continue to re-consider where they want to live and what is most important in life, even two years after the start of this global crisis!
We now also have a large group of movers who are looking to return closer, or at least within comfortable commuting distance from their workplaces.
Movers are in a race against time and their own worst enemies, as they try to secure the ideal property before another buyer does. This fear of missing out on an opportunity is driving market behaviour at this moment.
With more people looking to buy homes and agents reporting an increase too - you can expect these numbers will continue climbing as we head into 2022!
The economy is growing again, but not all boats are sailing smoothly. The price of homes continues to rise at an alarming rate with no signs that this momentum will slow any time soon - in fact the fastest annual increase since 2014 suggests things may only get worse before they improve slightly! With more people looking into buying properties right now it seems like everyone wants their slice of the pie.
The number of people requesting a sales valuation from estate agents is up 11% compared to last year, it's clear that more sellers will enter the market before they then start their search for a new home. This will also give buyers more opportunities in terms of choice, but the may still face stiff competition.
The Rightmove also reports that March is historically one of strongest periods for buyer interest in property sales - with more inquiries per property being made throughout this month than any other during their seasonality trends analysis. This means there will inevitably be some pretty intense competition between potential customers looking at houses so if you want an easy win then now might just work out well!
As the market moves at a fast pace our sales pipeline in the first 2 months of 2022 is nearly 70% of total revenue of 2021 suggesting that inventory is low and when a property comes to market, it takes a few viewings to have it SOLD S.T.C.
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