At Austin Property Services, we want you to make an informed decision in the housing market. This has been a challenging and interesting year, and it is easy to feel overwhelmed with what is taking place.
Rightmove have called it the busiest ever first half of a year, and they have also said the average price of property coming onto the market has increased for the past four months in a row.
If you are keen to remain informed, and want to make a smart decision, get in touch, and we will be more than happy to assist you.
There is huge demand for property
Rightmove states the national average for property asking prices stands at £336,073.
Some of the key highlights according to Rightmove are as follows:
With the first half of 2021 seeing 140,000 more sales being agreed and 85,000 fewer new listings than the long-term average, this surge in activity has revealed a shortfall of 225,000 homes for sale which, if available, would have corrected this stark imbalance between supply and demand, and would have stabilised price growth:
Homes with four beds and more facing biggest imbalance with 39% surge in sales and 15% fall in numbers coming to market versus 2019, resulting in an average price hike of 6.7% in the last six months
Mass-market three bed sector sees 28% jump in sales while suffering 10% drop in new supply versus 2019, with prices jumping up by 6.9% so far in 2021
First-time buyers faring best as sector of two beds and fewer has unchanged new seller numbers with sales up by a slightly smaller 26%, resulting in a smaller average price rise of 3.4% for the half year
Tim Bannister, Rightmove’s Director of Property Data, comments: “We predict that the number of completed sales will be the highest ever seen in a single month when June’s data is released by HMRC later this week. This means it’s likely that the first half of 2021 has seen a record number of moves when compared with the first six months of any other year, induced by the pandemic’s side-effect of a new focus on what one’s home needs to provide. That is one of the driving forces behind four consecutive months of new record average property prices. Demand has also been boosted by the ongoing creation of new households, and property being seen as an asset to hold, with historically low returns from many other forms of investment. New stamp duty deadlines in England and Wales for sales completed by the end of June have also helped to exhaust the stock of property for sale and concentrate activity. This has left prospective purchasers with the lowest choice of homes for sale that we’ve ever recorded, continuing price rises, and stretched affordability.”
What do the experts say about the housing market?
Tim Bannister, also said; “Higher prices combined with a lack of homes coming to market are reducing some buyers’ ability or desire to move, and while we expect the market to remain robust, there are early signs of a slackening in the incredible pace of activity that we’ve seen over the last year. This super-charged activity cannot go on forever, but we expect the market to remain vigorous for at least the remainder of the year.”
According to Rightmove, house prices in Bournemouth are as follows; “Properties in Bournemouth had an overall average price of £339,486 over the last year. The majority of sales in Bournemouth during the last year were detached properties, selling for an average price of £452,835. Flats sold for an average of £227,511, with semi-detached properties fetching £313,650.
Overall, sold prices in Bournemouth over the last year were 19% up on the previous year and 22% up on the 2018 peak of £278,339.”
As you can see, sold prices in Bournemouth are 19% higher than they were this time last year, so there is evidence that this is a market with rising prices.