Currently the housing market is extremely busy regarding rentals and sales across the UK, which is reflective on the rising prices for both. Rightmove has said that there was a record breaking 9.3 million visits to the portal on the 7th of April 2021. The levels are so high that it has been said those trying to buy a new property are struggling to get viewings on properties. With those that are being able to secure a slot being asked to give forward their best and final offers, meaning that some vendors are seeing offers over the full asking price with the BBC reporting one buyer offering £28,000 over.
A whopping 145,000 properties came to market within the space of a week. Even though Rightmove has suggested that there is a high amount of new properties coming to the market, these are not enough to meet the demand. Before March there was a high demand for properties due to a change of requirements for a property, finances and location. Yet now there is even more reasons to move, for example, the extension of the stamp duty holiday in England and Wales, the 95% mortgages and the roll-out of the Covid-19 vaccination.
Zoopla has noted that in their monthly House Price Index report that there was property sales adding up to £149bn just within the first 15 weeks of 2021, which is nearly double the amount for the same period in 2020 and 2019.
At the end of last year, the market was generation rent rather than generation buy, yet with these low deposit mortgages mixed with other reasons to buy over renting, hopefully we should see an increase in first time buyers as this will be easier for them to buy rather than rent. While this has been said, the rental market has also seen an increase in prices, with the Property Industry Eye noting that only 1.7% of tenants were successful in negotiating a rent reduction, dropping by 0.3% in February. There has also been an increase in investors coming to market with an increase in new Landlords looking for buy-to-let properties.
If you would like to know more about the property market and how it is affecting you, call us today.
READ MORE: https://www.bbc.co.uk/news/business-56906524