Robert Gardner, Nationwide’s chief economist, recently claimed we are now looking at a 13% increase in house prices since the pandemic began. The increase in prices has continued since the stamp duty holiday ended with a 2.1% monthly increase in August. It has been widely reported that the reason for this is a lack of properties coming to the market, meaning demand is far outweighing supply.
So, what does this mean locally?
In WD3 the top 3 keywords searched by potential buyers are-
3 plus bedroom family homes with these features are our most sought-after type of property at the moment. This is the part of the market in WD3 where demand is most outweighing supply which is pushing prices to an all-time high. This is resulting in these properties going under offer very quickly, often after receiving plenty of interest and multiple offers.
Here are some recent examples of family homes that went under offer within just a couple of weeks of marketing, after receiving multiple offers-
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Do you know how much your home is worth in this market?
With so much demand, if you are looking to move, it is more important than ever to make sure you are in the best position possible when you see the home you love. If you have a property to sell and are not yet on the market, this could put you at a disadvantage against those that are already under offer. Alternatively, if you are just curious to see how the value of your home has changed, we are equally happy to help. Click here to book a free market appraisal or give us a call to speak to one of our local experts.
Rickmansworth- 01923 776400
Croxley Green- 01923 777704
Chorleywood- 01923 285886
Watford- 01923 252505