As we move swiftly through the summer months, and hope for an upturn in the weather, I thought I would take the time out to provide a brief property market update.
Who can believe it’s almost September already? August historically is a quiet month for the Property market and this year we expected a drop off in activity following the end of the Stamp duty holiday and the rush to complete sales ahead of the deadline in June. Activity however has remained surprisingly busy.
For my own business new lots continue to come to the market across the West Country and they are selling well with motivated buyers keeping things buoyant. Via our weekly online auctions, over 80% of lots sold via 247 Property Auctions during July and August have sold for well over their guide price with figures of between 14% – 95% over their suggested price. One particularly popular lot had nearly 60 applicants who registered their interest against the property ahead of an eventful online auction before the gavel fell.
The Office of National Statistics reports that UK average house prices increased by 13.2% over the year to June 2021, up from 9.8% in May 2021. Within the same report stating that this is the highest annual growth rate the UK has seen since November 2004. Whilst property values are at an all time high this is also coupled with the status of mortgage rates at an all time low.
We are seeing that property stock levels have been decreasing. This has created a situation where potential vendors are put off with a lack of property on the market for their onward move. Building confidence and taking away the apprehensiveness of those buyers is key to increasing the number of properties on the market. At 247 Property Auctions we have six newly listed lots in the past fortnight, at the time of writing, which is a good signal for things to come. In conclusion, when people ask me is now a good time to put my house on the market – the answer would be a big yes!
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