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Residential: What’s next for the Residential Property Market?

Mon 12 April 2021

A lot has happened in the property market over the past 12 months and with announcements such as the stamp duty holiday extension and the 95% mortgage guarantee in addition to reported rises in house prices and buyer demand, we are left wondering what is going to happen next? Kim Harrison, Head of Residential Property explains why we predict that this Spring is going to be busier than ever.

“The way in which we think about where we live and what we want from property has changed significantly in the past 12 months, simply due to spending such a considerable amount of our time at home. We are seeing the impact of a winter under a ‘stay at home’ order and the extension of the stamp duty holiday reflected in the current market, for example, on a national level, there has been an increase of 36% in buyer demand since the start of 2021.

There has been an ongoing trend over the past few years of an imbalance between supply and demand, the third lockdown has most definitely impacted this imbalance further, however, over the past few weeks there has been a significant increase in properties coming to market – across youngsRPS we have seen an increase of 71% from February to March alone. Nationwide, buyers have been eagerly anticipating fresh stock.

As an industry, we have had to adapt significantly, particularly to accommodate viewing within the restrictions; harnessing technology, such as virtual tours, means that more people can view your property than ever before. The demand is evident across the board and achieved pricing remains strong, so if you’ve been holding off, is now the time to come to market? Yes!”

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Source: DataloftInform and youngsRPS