A year ago, the property market was in the midst of full lockdown; a year on and the market is hitting new heights. Sales activity and mortgage lending are setting new records, as the roadmap to ‘normality’ remains on course.
Sales were up by 15.3 percent in the South West, 11.1 percent in both the South East and Yorkshire and the Humber, 10.8 percent in both the North West and Wales and 10.3 percent in the West Midlands in the last 12 months, year on year.
More than 8,300 homes sold for over £1 million during the first three months of 2021, the highest quarterly figure ever recorded. The loosening of restrictions in April led to an increase in supply to the market, and valuation activity is on the rise. However, as yet, this is failing to keep pace with demand, property prices rising month on month. Property price growth across the premium markets is currently outperforming the general market and growth in excess of 10 percent has been seen in eight out of ten regions in England and Wales.
As competition for property remains high, meeting the needs of buyers and sellers in the marketplace is paramount. Capability, market knowledge and trust are considered the most important attributes for home movers when choosing an agent, with less than one in five basing their decision on the agent offering the lowest fee (Dataloft, Property Academy 2020). Floorplans, the quality and number of photographs and a map or street view are deemed important information for over 90 percent of buyers. Broadband speeds and ‘green’ credentials are set to move up the agenda in future years, energy efficiency the main reason why home movers would choose a new build property.
Are you looking to sell your home in a buyer’s market? Get in touch with your local Fine & Country agent to buy or sell your home today.