The seasons have changed and as we look ahead to the winter months it is a good time to take stock of where the housing market is today.
The market has seen an increase in the price of properties coming onto the market go up by 0.2% this month, with three or four bedroom homes hitting record highs. This demand for larger homes is supported by the number of sales agreed compared to the same time last year. The price lift is being driven by buyers adapting to the new long term work from home and looking for an extra room for a home office and those that just need more space for their expanding families. This urgency for additional space, coupled with people wanting to take advantage of the savings they could make while the Stamp Duty Holiday is in place is driving competition between buyers looking for that next home, and has pushed prices to record highs this month.
Even though the market has seen exponential growth in the larger homes sector, the first-time buyer market of two bedrooms or less also experienced a 36% increase in sales agreed. Nationally, sales agreed for the whole year to date are now down by only 5% on the same period last year. Two regions; the East of England (+4%) and the South East (+1%) have already overtaken the number of sales agreed for the same period last year, helped by higher average prices causing the stamp duty holiday to have more of an impact for buyers and sellers in these areas.
In January of this year Rightmove saw a record number of visitors to their website and this is expected to be significantly higher this year with the stamp duty savings incentive. For anyone considering selling their property this highlights the importance to preparing your home for sale now and speaking to a reputable agent for a property valuation.
George Sifonios, Managing Director at David Astburys said, “When the market reopened a few months ago our Crouch End office was the busiest it had ever been, and today we are busier than ever. With the ever changing climate buyers and sellers are relying on us even more to ensure they are well informed and well serviced and for anyone wanting a free property valuation in 60 seconds, you can go to our website, there is no obligation. We have also just recruited our 17th member of staff in three years, as we continue to grow we are always looking for talented, enthusiastic and positive people to join our team.”
The market is still feeling the effects of lockdown which have impacted the buying and selling process. Lenders are challenged with an increasing number of mortgage applications; solicitors are over capacity with what is estimated to be a nearly 40% increase in the number of sales currently going through than at this time last year. The temporary stamp duty holiday which ends in March 2021 has also driven the urgency and clogged the systems, making it even more important for buyers and sellers to work closely with their estate agency and the expert team at David Astburys can help navigate this process and ensure that everything runs smoothly.
David Astburys Estate Agency are currently recruiting at the Crouch End office and are always supportive of their community, if you know want to be part of a thriving agency they have the following opportunities:
Senior Sales Consultant
Sales Assistant Manager
Property Manager
Email your CV and cover letter to: directors@davidastburys.com
