House price inflation at the strongest in seven years
The average asking price of a property has now reached a record high of more than a third of a million pounds (£333,564) in Great Britain*. According to Halifax, the annual house price inflation was actually at its strongest level in nearly seven years. If you’re thinking of selling, when was the last time you had your home valued? It could be worth more than you think.
High demand for two and three-bedroom homes
Sellers with two and three-bedroom properties are in a strong position. These types of properties, in areas where prices are below the regional average, have seen the largest increase in interest from potential buyers.
Sellers with homes in the seaside resort of Scarborough are in luck, as this region has seen an increase in interest from potential buyers of 142%*. Equally, demand has soared by 111% and 108% in Forest Heath in Suffolk and Falkirk in Scotland.
Demand from buyers continues to skyrocket
Buyer demand is at an all-time high. Lockdown has also resulted in an unexpected build-up of savings for many, which can now be used to fund bigger deposits for bigger properties.
In fact, demand has spiked so much in recent months resulting in increasing prices and sales. If you’re thinking of selling, the demand from buyers also means you’re in a position to get a good price and a quick sale if you come to market now.
What does the current property market mean for you as a landlord?
Across the UK, we are seeing huge demand for rental homes in this increasingly busy property market. Asking rents outside London keep rising. They have now hit another record high, at an average of £982 per calendar month. This is the highest annual rise since 2015. It’s an incredibly profitable time to be a landlord if you invest in the right areas.
What does the current property market mean for you as a seller?
Put simply, we’re in the boom phase of the property market cycle. This means it’s a fantastic time to sell as house prices continue to increase. It also means it’s incredibly important to know the value of your property.
The current conditions are so great for sellers that many homeowners are drastically undervaluing their property. Zoopla recently claimed that the average UK homeowner undervalues their home by *£46,000. We can’t stress enough the importance of understanding your property’s worth.
Will I definitely find a buyer?
As mentioned above, the number of buyers entering the market continues to increase - we have seen over a 500% uplift in website visitors compared to this time last year (Countrywide Research).
Buyers are also aided by the growth of the mortgage market in recent months, with the return of 95% mortgages to the market having a buoyant effect - especially among younger applicants. According to Experian, mortgage applications are up by 11% on this time last year**.
Whilst there’s no guarantee of finding a buyer for every single property, working with a reputable estate agent who is local, has a good track record, and a database of buyers can make or break the process.
By now you know it’s a great time to be a seller. In May, almost all areas of the UK experienced an acceleration in annual house price inflation. If you list your home now it will stand out and attract a plethora of buyers.
One of the most important parts of the sales journey is knowing the value of your property. That’s why it’s paramount that you get your home valued by an expert - which is quick and easy and can be booked here.