“The question on everybody’s mind at the moment – what is the current market doing?
The housing market is an ever fluctuating and unpredictable thing, something that has been even more apparent in 2021. With the initial stamp duty holiday doing exactly what it was supposed to do during the height of the COVID-19 pandemic, we came in to 2021 with an unexpectedly buoyant market. The market held its own, with house prices maintaining through to April. Then May hit, and the price boom began.
It wasn’t anything that could have been predicted and even with the phasing out of the stamp duty relief, prices continued to rise and demand started to outstrip supply. This is exactly where we find ourselves now; properties are selling in record time and for record prices. It’s not difficult to see that there aren’t enough new properties coming on the market, as anyone who keeps an eye on Rightmove or other property portals can see that new instructions are somewhat thin on the ground at the moment.
Some might argue that with the absence of property available to buy at the moment that there isn’t any point in trying to move. However, the more people look to move, the more houses are available. There isn’t anything to lose by trying at the moment while the house prices are holding steadily and buyer demand is so strong. You can’t find somewhere? Then don’t move. I’m a firm believer of a pressure-free approach, and if you need to stay put then at least you tried. Sometimes the greatest risks can be the most rewarding – look at us here at Mockford & Hunt.
In my opinion, I think it’s a fantastic time to sell. Why not combine the historically low borrowing rates with the fierce demand of the market? I’m quite tempted myself…”
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Market Watch Series
Find out the latest news, views and top tips from industry experts. Up-to-date news and developments from the UK property industry, as well as insights into the ever changing market trends from Estate Agency insiders.