From the return of overseas holidays to the end of the stamp duty holiday, we were concerned that we might see a downturn in buyers registering to look for properties over July, August and September. But despite the traditional summer lull, we saw the number of buyers registering with us reach almost double its pre-pandemic levels. And with stock levels hitting an all-time low, competition is fierce as more buyers compete for each property on the market than ever before.
In such a busy marketplace, agents are finding that ‘power buyers’ are out-muscling competition when it comes to securing a property. These ‘power buyers’ have already sold their property, are cash buyers, or are first-time buyers with a mortgage agreement in principle. Buyers in such strong positions are succeeding those who are perhaps offering more money but have yet to sell their property. With this in mind, we would urge anyone who is considering selling to put their property on the market as soon as possible to be in a competitive position when offering on their next home.
The good news for sellers is that with so many buyers around and so little properties, demand is still very high.
However, sellers must act fast to benefit from this high competition as we prepare for a huge influx of properties to come to the market in the traditionally booming January marketplace. Though many agents experience a lull at this time of year as homeowners wait until the New Year to sell, we are urging sellers not to hold off putting their home on the market so that they can enter the New Year rush as a proceedable buyer in a competitive position.
It may seem like a lifetime ago that the Stamp Duty Holiday was in full swing, but the final deadline to salvage some relief from Stamp Duty on your property purchase was only at the end of September. As the June deadline and September deadline were missed by buyers, we waited with bated breath for sales to fall through and clients to be left without a buyer. This was a real concern regardless of how the market was performing, but after both deadlines the housing market continued to move on with force, and the demand for property has continued to rise in line with the UK lifting lockdown restrictions. In good old-fashioned estate agency terms, demand is definably outweighing supply and we do not see this changing any time soon – well, at least for the rest of 2021!
On top of all this, the national average asking price of newly marketed properties has risen by 0.3% (+£1,091) this month to hit a new all-time high of £338,462. Combine this with a competitive marketplace and low stock levels and there really is no reason to delay your sale until the New Year!