The property market is looking promising at the time of writing this post. The Government has announced their ‘road map’ with provisional dates leading to the removal of restrictions by 21st June 2021, provided the data and stats for recovery from the pandemic continues to improve at the current rate.
I receive regular email updates and newsletters from Rightmove and today’s shows the following headline:
‘Strongest Spring housing market for home sellers in a decade’
Here is the link to Rightmove’s interesting news – thanks go to Rightmove:
It’s obviously best to take five minutes to read the article above in full, but brief bullet points are as follows:
- Demand levels enquiring about properties on their site is 34% higher than last year this time.
- People are searching for more space and a change of lifestyle.
- In February 2021 Rightmove recorded 7,000,000 visits on an average day – an increase of 40%
- The average asking price has risen by 2.7% in the last 12 months to £321,064 nationally.
- Asking prices increased for the second consecutive month with a rise of 0.8% (+£2,484) recorded in March.
- Fewer properties are coming to market, causing a serious shortage – levels were down by 20% in February 2021 compared to February 2020, but 5% in March 2021 compared to last year.
- Sales agreed for the first two weeks of March were 12% higher than a year ago.
- Almost two out of three properties on estate agents books are ‘Sold Subject To Contract’.
As the restrictions lift, and nervousness decreases, I expect the number of houses coming to the market will increase although no doubt 2m distance along with facemasks will undoubtedly still be observed where possible – our new normal for house viewings.