How good is the market for sellers in London right now?
Spring is always a busy time for the property market, but the latest Rightmove price index shows record numbers this year. Currently there is the biggest gap of the last 10 years between demand and the number of properties for sale… this says it all really.
The report says there was a record number of buyers enquiring about each available property in March, which was 34% higher than the same pre-pandemic period last year. Almost two-thirds of properties on agents’ books are already “sale agreed” so buyers are ready and waiting for new property.
This means it is an excellent time for sellers to put their house on the market to achieve prices not seen for a long time.
What is driving this sudden spike in demand for property?
One big factor driving demand is that in the budget on March 3rd the stamp duty holiday was extended until the end of June. With the end of the lockdown in sight and people feeling more confident with the impending reopening of the economy, buyers are rushing to avail of this incentive before it ends.
Other factors are the current record low interest rates and the government’s new 95% mortgage scheme also announced in the budget.
So is it a good time to sell your home in London?
This spike in demand combined with the property market’s traditional busy spring season is causing a frenzied demand for property from buyers.
Many potential buyers have been holding out during the pandemic. A post-pandemic appetite for city living close to the work place will drive demand in urban areas such as London. As people emerge from lockdown and get back into full employment, they will be keen to buy and buy quick so as to pay less stamp duty before the end of June.
Buyers will be able to put more of the purchase price into their offer and there is more competition between buyers for your property. This all makes it a great time for you to sell.
We can help you achieve the best price for your property in London
To take advantage of what could be the best spring ever for sellers, get in contact your local Henry Wiltshire office who can help you achieve the best price for your property from eager buyers. Talk to our expert sales team or arrange a free professional no-obligation valuation of your London property.