Demand for homes soars as the housing market continues to grow

The property market has boomed over the past year despite the ongoing uncertainty of the current pandemic.

According to the Office for National Statistics, the latter half of 2020 saw UK average house prices soar. Data shows that the average house price climbed by 10.2% over the year to March 2021, the highest annual growth rate since 2007.

The pandemic has led many people to reassess their home and lifestyle. More spacious properties and gardens have inevitably become more desirable. With lockdowns limiting socialising and people paying more attention to their spending habits, it’s presented some with the opportunity to save for larger house deposits.

Despite the influx of soaring house prices, first-time buyers are still keen to try to make their way on to the property ladder. Many first-time buyers are taking advantage of government-backed plans such as the new 95% mortgage scheme that came into force as of April 19th 2021. The scheme offers first-time buyers and current homeowners the opportunity to secure a mortgage with a deposit of just 5% on houses up to the value of £600,000 (STT).

Rightmove reported that in April 2021, properties sold faster in the first two weeks of the month than ever before, as well as the average asking price for a home reaching a 5% increase with a record high of £327,797.

Due to current stock shortage, Rightmove found that almost half of estate agents only allow buyers to view properties based on the requirement that they already have an offer accepted on their current home. Additionally, it’s preferred that first-time buyers have a mortgage in principle, meaning that the seller is chain-free and the process is seamless.

If you’re considering selling your home, now is the time to act! The demand for property is increasing, and more buyers are paying over the home report value. It is very much a seller’s market at present, so if you’re thinking of moving, then don’t delay.

Get in touch with us today to book your free valuation. Find out about our competitive estate agency and legal package! Let us join you on the journey to achieving the best price for your home.