Whilst experts feared that the housing market would decline and house prices would fall during the pandemic, we actually saw the opposite effect. In summer 2021, demand soured as buyers took advantage of the Stamp Duty & LTT holidays, with demand peaking around the deadline dates.
Now these holidays have ended, and the cost-of-living crisis worsens, the property market is expected to stabilise.
Over the past year, the housing market has become very volatile as property demand rocketed.
This caused mismatch between demand and supply, with demand for property that far exceeded the supply, so competition between buyers was fierce.
Whilst high demand has advantages for sellers, with properties selling in an average of 36 days, and 80% selling for asking price or above, it has meant that 9 out of 10 house hunters have been affected by supply shortages*
However, the good news is that after months of low stock, there are signs that supply is beginning to rise.
Whilst demand remains high and interest rates are low, now could be the perfect time to sell your property.
If you feel it's time to move home, we're on hand to guide you through the process. Simply get in touch with us, we're more than happy to help. Why not take a look at some of the recent properties that we've brought to market? Who knows, your next home might just be a click away... View our latest properties for sale