Mid-year property market review
As we approach the middle of the year, we wanted to provide you with a review and breakdown of the property market over the last six months.
Housing Market Boom
The housing market has witnessed an enormous boom in the last six months, breaking records for the fourth month in a row, going up by 2.1%*, and marking the ninth month in a row of consistent growth. The market is now 11% higher than at this time last year.
The average asking price has jumped by £55,551 since before the pandemic*. In comparison to the £6,218 increase in asking prices in the two years prior the pandemic, this demonstrates how frantic the market activity is. It also shows that the market is now heavily in favour of sellers. However, this has not deterred buyers, with the number of buyers contacting estate agents jumping by 31% in comparison to 2019.
Demand For Housing
Despite fewer properties on the market, the number of sales agreed is up 12% from this time last year*. This demonstrates that buyer demand has not changed, but a lack of available homes is dictating the market's pace. Experts believe that new stock is desperately needed, particularly for two and three-bedroom semi-detached homes, which appear to be seeing the most buyer competition.
End of the Race For Space
During the pandemic, buyers sought out properties with lots of open space and invested more money in their homes. As the UK's lockdown restrictions are lifted, an increasing number of people are returning to their normal personal and work life routines and spending less time at home. Meaning that the demand for more living space has decreased significantly as people return to their pre-pandemic habits.
Take advantage of the prime market conditions and find out how much your property is worth today.
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