Rightmove has just announced record selling speed with properties selling faster in the first two weeks of April than ever previously recorded, while competition for fewer properties has also increased the average property price.
Tim Bannister, Rightmove’s Director of Property Data comments: “This is only the second time over the past five years that prices have increased by over 2% in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities. The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high. The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95% mortgages and a shortage of suitable property to buy. There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings.
With properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that the Spring buyers are not deterred!
Almost one in four (23%) properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded.
This is now the fastest-selling market that Rightmove has measured since our records began.
This spring surge means that it’s a good time to come to market and achieve a good price and a quick sale.”
At Rook Matthews Sayer, we too are experiencing high levels of buyer demand, Eve Morley, Office Manager at our Gosforth branch adds;
“We have buyers waiting for properties and we are seeing multiple offers on many properties with most having to go to best and final offers. My advice for buyers in the current market is to try and get ahead of the competition so you can act quickly. To have a mortgage agreed in principle and your own property already sold subject to contract will really help to get you to the front of the queue if you’re looking to buy this spring. It’s a great time to sell your home if you’re thinking of moving. ”
Rook Matthews Sayer, unlike many agents, advertises all our properties on the two most effective property portals; Rightmove AND Zoopla*. We choose our portals on effectiveness not price, and in doing so can reach a larger target market for your property.
Make the most of the busy market, if you’re thinking of selling your home call your local Rook Matthews Sayer branch or drop us an email for your free no obligation home valuation.
• *Source- easycounter.com – daily visitors: Rightmove 477,000, Zoopla 137,000, On the Market 103,000 (20.04.21)
• Article content provided by Rightmove in a press release dated 19.04.21