Demand for properties is outstripping supply more than at any other time over the past decade – according to Rightmove.
As gardens come into bloom and the country begins to emerge from lockdown, this Easter could be one of the best for sellers in recent times says the portal.
Buyer enquiries were up by 34% on the pre-lockdown period a year ago – itself a busy market following the election in December 2019.
According to Tim Bannister, Rightmove’s director of property data, announcements in the Chancellor’s March budget could push up demand even more: “This demand will be further boosted from April by the new government guarantees enabling lenders to bring back five per cent deposit mortgages. Whilst it is unfortunately not the perfect time to buy for some people who have been adversely affected by the pandemic, the record buyer demand measured by Rightmove indicates that now is the right time for many.”
Rightmove data indicates that sales have been agreed for almost two thirds of the homes on estate agents’ books – a 12 per cent increase on last year, despite the shortage of properties coming to the market. Bannister said that changes in lifestyle, as a result of the lockdown periods, has fuelled rising demand. “This strong sellers’ market is good news for those who are looking to put their home on the market as the traditional Easter selling season approaches.”
The Chancellor’s decision to extend the stamp duty holiday has led to more sellers marketing their properties, meaning supply and demand could start to level out. But this is not necessarily a bad thing for sellers. Bannister adds: “A recovery in fresh supply gives more choice to prospective buyers, many of whom are also potential sellers, which in turn encourages more of them to come to market.”
Read more about this story on the Rightmove website.