Especially this Spring!
Rightmove have reported in their March House Price Index that it’s the strongest spring sellers’ market in the past decade, making it an excellent time to sell.
We have noticed a huge excess of demand over supply locally, especially with family homes, so we weren’t surprised to read they have reported this too, stating it is the greatest excess of demand over supply over the last 10 years! This has pushed the average price of property up by 0.8% in the last month. In the South East properties prices are up 3% on last year, meaning now is a great time to get the best price for your home. In Chorleywood, we have a surplus of keen buyers looking for 4 bedroom family homes, and in Rickmansworth & Croxley Green 3 bedroom semi detached properties between £550,000 and £750,00 are the most desired. These are getting snatched up very quickly, often for more than asking prices after receiving multiple offers.
Rightmove also reported that there has been a record number of potential buyers enquiring about each available property, on average 34% more than a year ago, before the first lockdown. The number of enquiries we are receiving is well over double the number pre lockdown and we have registered more new potential buyers in the last 2 weeks than we did in the whole of March last year! We have also noticed an increase in our website traffic and calls into the offices.
So why is demand so high? Rightmove have stated the reasons for this include, 5% deposit mortgages, record low interest rates, stamp duty holiday and the multiple lockdowns making people focus on what exactly they want or need in a home. We have had many conversations with clients who are desperate for some outside space or a study they can use to work from home. There has also been an influx or people looking to move out of London and the area we live in is perfect for this group due to the excellent transport links.
This positivity about the property market has been widely covered in the press recently and we are feeling very optimistic about the year ahead. If you are considering selling, now really is a great time so why not get the ball rolling? Give us a call on 01923 776400 to book an MA or ask our experts any questions you might have about selling this spring.