Residential: Market Update May 2021

Mon 17 May 2021

Rosie Spours, Branch Manager/Valuer from our Alnwick office gives an update on the property market across the North East and Yorkshire.

Over the past month I have been asked repeatedly whether now is a good time to put your property on the market, my answer? Yes! Spring sunshine, the extension to the Stamp Duty holiday and the relaxation of restrictions has continued to support a soar in buyer demand.

Properties sold faster in the first two weeks of April than ever previously recorded; 23% of properties sold in March 'sale agreed' within just one week.

Whilst buyer demand is so strong, the number of homes for sale across the UK is at a record low; the shortage of properties underpinning price growth across the market, now at its strongest since October 2014.

The stamp duty extension deadline may be looming, but it isn’t affecting applicant registrations. It would be ridiculous to compare our April figures to last year considering the market was closed, so in comparison to April 2019, our new applicants are up by 152%! The global pandemic has changed people’s lives significantly, and while yes, we have seen a demand from buyers looking for a second homes or relocating their families to the countryside, we are also seeing those looking to move due to work and family matters.

An increase in first-time buyer registrations is also extremely positive for the market as a whole; their presence and ability to buy gives those looking to move on from their first home the chance to do so.

Broader rollout of the vaccine and easing of lockdown restrictions is increasing confidence in the economy. This economic recovery is giving an additional boost to housing market rather than the housing market supporting the economy, which was the case when the pandemic first struck.

Selling your home can be a stressful time, and my advice would be that it is more important than ever to have trust in your agent and to remember that selling has to be right for you and your family. We’re often finding that our clients really appreciate a good honest conversation; for a confidential and obligation free chat, get in touch with your local office.