While demand outstripping supply has been an issue in the housing market for some time, it is fair to say this is becoming a major issue. If you are looking for advice or guidance in connecting with buyers, and reaching the best price for your home, we can help.
At BR Estate Agent, we study what is happening nationally, and we work closely with buyers and vendors locally. We make sure you make an informed decision, and there is an opportunity for sellers in the present-day housing market.
Key highlights from Rightmove’s recent study includes:
- Asking prices rose by £2,484 in March, an increase of 0.8%
- Average asking prices rose to £321,064 in March 2021
- The growth amounts to a 2.7% rise on the March 2020 figure
Rightmove says buyer searches are on the rise
- The property portal claims they had a record number of prospective buyers on site in February
- Rightmove claims February 2021 traffic was 34% higher than February 2020 traffic
- 7 million people visited the site in February 2021
- The number of overall visitors on site was 40% higher than February 2020
- The number of property sales agreed in the opening week of March 2021 was 12% up on the previous year
- The property portal anticipates asking prices rising further in spring
- Rightmove continues to predict house prices will increase by 4% in 2021
Rightmove’s report states; “The current excess of buyer demand over supply is the largest we've seen in the last ten years and suggests that this could be one of the best ever Easters to sell”.
Tim Bannister, Rightmove's director of property data said: “This strong sellers' market is good news for those who are looking to put their home on the market as the traditional Easter selling season approaches. Blossoming buyer demand coinciding with blossoming gardens should put a spring in the steps of sellers, and more of them coming to market will provide a much-needed increase in the choice of property for the many who are looking to buy. So many sales have been agreed in recent months that we now face a serious shortage of homes available for sale.”
Marc von Grundherr, said: “With the double pronged boost to buyer demand in the form of a stamp duty extension and government guaranteed 95 per cent mortgage products, sellers can ill-afford to sit on their hands with regard to getting their property on the market. A lack of supply to meet the huge levels of buyer demand seen in recent months means that by and large, sellers are securing a very good price for their home.”
If you are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website www.br-estateagent.co.uk for more information.