Data in April suggests that we are still in a strong sellers’ market for homes. On average properties are spending only 33 days on the compared to the pre-pandemic market in 2019 where they stood for an average of 67 days.
Despite over 125,000 sellers taking advantage of this market, demand is still outstripping supply, with the momentum in house prices being even higher than during the stamp-duty holiday from last year.
This surging demand has caused average houses prices in the UK to hit a record high for the third consecutive month. The national asking of a home is now £360,101, this rises to £667,110 in London.
Will this trend continue?
There are economic factors, such as rising interest rates and the increasing cost of living, that both hint towards a slowdown in house price growth. These factors also lower demand for homes, with buyers having to take the increased costs into account when they are choosing whether to move or not, further contributing to the slowdown in growth over the rest of the year.
However, if demand from buyers remains strong, we are unlikely to see sustained price falls.
What does this mean if I am looking to buy/sell?
If you are looking to buy, it is a good idea to put yourself in a strong position as a buyer. You can do this by getting a mortgage in principle as a first-time buyer, or by getting a sale agreed on your current property. This will allow to move a lot quicker when you find your dream home.
If you are looking to sell, now could be the best time. With demand still outstripping supply and house price growth looking to cool off, the coming months could be the perfect chance to get a quick sale for a record price.
Whether you are thinking of buying or selling, it is important to use an estate agency that can get the price your house deserves. At The Agent we provide award-winning one-to-one service from valuation, until the sale closes.