If you are keen to sell your home, it is important to be aware that the demand for property is likely to be significantly higher than the supply of homes.
Therefore, any homeowner who is able to place their home up for sale will likely experience interest from many buyers, and this is an area where we can help.
Anyone looking for guidance or representation in the local housing market should get in touch. At Austin Property Services, we are pleased to connect buyers and vendors.
Information provided by Home.co.uk indicates less than three-quarters of new instructions materialised in January. This is a record low for the supply of property in England and Wales.
The current market situation makes sense
This situation is perfectly understandable. The market is open, but people are cautious. Viewings are down, and until there is greater confidence in the market, and in life in general, this might be the case for some time.
However, there will always be reasons people need to move, and if you are in a position to sell, you could benefit.
Drops in supply are evident in Wales, Scotland, and in all English regions apart from Greater London.
Two key reasons for this are:
Buyers exiting London
Buyers moving in and around London
There is market evidence regarding the current set of circumstances
In August 2019, The UK Collaborative Centre for Housing Evidence published a guide called “Tackling the UK housing crisis: is supply the answer?”
It states, in its introduction; “In 2016 the House of Lords Select Committee on Economic Affairs report Building more homes argued that “[Too] few homes have been built over [recent decades]. House prices and rents in some parts of England have risen sharply.” The government’s 2017 housing white paper was even more stark: “The housing market in this country is broken, and the cause is very simple: for too long, we haven’t built enough homes.”
Then Communities Secretary, Sajid Javid, hammered the message home: “Soaring prices and rising rents caused by a shortage of the right homes in the right places has slammed the door of the housing market in the face of a whole generation.””
The need for more homes is evident in the UK.
Price rises have occurred in many parts of the UK including:
Scotland, where a price hike of 1.6% has occurred in the past month
Wales, where there has been a rise of 1.1% in house prices since last month
The East of England, where property prices have risen by 0.5% in this time
The annualised mix-adjusted average price growth across England and Wales stands at +4.5%. By comparison, in February 2020, this growth was just 0.9%.
Year-on-year house price growth figures:
Yorkshire and Humber regions have experienced growth of 9.1%
Welsh property prices have grown by 8.4%, boosted by a surge in the most recent six months
The South West has seen property prices rise by 3.3%
Greater London and the South East have experienced a rise of 3.2%