Demand Up 9% In 2018 According To Rightmove
Date Published 22 January 2018
Recent figures release by Rightmove have shown an increase in demand by over 9% in terms of people searching for homes when compared to the same period last year.
Despite this increase in supply, prices are moving on at a slower rate than in previous years and this is being attributed to the fact that although there is an increase in buyer activity, those buyers are being both cautious and choosy!
With no real increase in supply, and the removal of stamp duty for first time buyers means there is a keen demand for homes which we are seeing replicated here in Devon and Cornwall. Those looking however have such a wealth of information to hand on recent sold prices, what is available and how much homes actual sell for in the area that the research and the figures are often winning over the 'Wow' factor. Sellers looking to secure a buyer are advised to present their home to the best it can be, and ensure their price is bold, but at the same time attractive given the local market.
Miles Shipside, Rightmove director and housing market analyst, commented: 'All regions are currently selling at a slower rate than a year ago, indicating choosier buyers. The total number of sales agreed was 5.5% down in the last quarter of 2017 compared with the same period in 2016. Setting tempting asking prices and then quickly reducing them if there is little initial interest will be key to turning this promising level of buyer activity into actual sales, especially in the less active sectors and locations of the UK.
There is no sign so far of any rush to come to market and try to sell, with the number of new-to-the-market properties holding steady against the same period a year ago at around 63,000. With no increase in fresh supply, and an overall average of 40% of properties on agents' books already sold subject to contract, would-be buyers in some sectors and locations of the UK are seeing less choice to tempt them, fuelling some localised price rises. While potential buyers are still busy looking, they are looking for good value and the right property. Price rises have had a good run and the return of the days of optimistic pricing is consequently some years away and contingent upon earnings increasing and interest rates remaining low.
Those selling to ‘quick-off-the-block stamp-duty-saving first-time buyers' are set to have a busier first quarter than those trying to sell in other sectors. We expect that many first-time buyers will act fast to satisfy their appetite to get onto the housing ladder and secure their property at today's prices, before any stamp duty savings are eaten up by rising property prices.'
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