The Blog

Rightmove says enquiries slowing but lack of stock keeping prices high.

"Average asking prices have hit new heights but there are signs of the market easing", Rightmove claims. The portal’s latest listings data shows the price of property coming to market has hit a fourth consecutive record of £367,501, up by 2.1% monthly and 10.2% on an annual basis. Its House Price Index also found agents are getting properties to the sold subject to contract stage in record time at 31 days, underlining the low level of stock and excess demand. The speed of the market means available properties are down 16% compared with last year and down 55% compared against 2019, with new stock most desperately needed for two- and three-bedroom semi-detached homes, Rightmove said. Sales agreed are up 12% year to date compared to the same period in 2019, but in what Rightmove describes as one sign of the market easing, they are down 17% annually. Rightmove predicted that the market will moderate later this year as economic conditions hit, and supply improves but is standing by predictions of house price growth of 5%. Tim Bannister, Rightmove’s director of property science, said: “People may be wondering why the housing market is seemingly running in the opposite direction to the wider economy at the moment. “What the data is showing us right now is that those who have the ability to do so are prioritising their home and moving, and the imbalance between supply and demand is supporting rising prices. “We anticipate that the effects of the increased cost of living and rising interest rates will filter through to the market later in the year, and a combination of more supply of homes and people weighing up what they can afford will help to moderate the market.” The phones are certainly a bit quieter in Prestwick, but that may be because of the shortage of properties to sell and the short time it takes to getting them under offer.

Hoppers view of the market this February.

First-time buyers have been having a hard time of it lately as competition for the reduced stock of homes for sale has driven prices up and forced buyers to offer over the Home Report to secure their new home.For those who don’t know, the Home Report valuation is usually the upper limit that mortgage companies are prepared to lend to. So, if you require a mortgage and offer over the HR valuation, you must need to have (a.) The Deposit (can be from 5% to 20% or more) and (b.) The difference between the agreed sale amount and the HR value  In Cash! While there are so few properties for sale and there are buyers with cash reserves then the pressure to pay over the HR will persist. In addition, as Prestwick is one of the most desirable towns to move to, there are a lot of buyers from out of the area who have obtained great prices for their homes and can outbid locals on many occasions. There is presently a self-perpetuating high demand/low availability market Many sellers are holding off putting their homes on the market until they have found a property to live in. We recently performed 39 viewings for one property in Prestwick and the majority had a house to sell but were not yet on the market. The buyers were very cautious as they did not want to sell first because if there was nowhere to buy, they would make themselves homeless. The low level of availability of rental accommodation adds to their worries.This contributes to the low level of supply and helps keep prices high through competition for each available home. Is this sustainable? Statistically, more people put their homes on the market for sale in the Spring, and so a greater supply may lead to a relaxing of the competitive nature of the current market. However, if the number of potential buyers increases as well, then the upward pressure on prices will remain. With time, the effects of higher interest rates, inflation and the aftermath of the pandemic’s influence on many sectors of the economy may temper the ability of buyers to continually offer more. And, at some point, the market will level out when supply and demand become more closely aligned. Unfortunately, the Hoppers' crystal ball is not able to determine when that will be.

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Life in the 2021 market yet!

The market has slowed slightly, recently but many of our properties are getting lots of viewers and offers. Call us today to see if your home is likely to sell and at what price...its free to ask.

The staff at Hoppers are delighted to have returned to the office. No more working from home! With new safety protocols, surveys and photographs can all be arranged, properties listed, viewings organised, and homes SOLD. Please phone 01292 477788 Email info@hopperandco.co.uk Or message us for more information.

Asking prices outside of London are going berserk as demand completely overwhelms the little supply there is, according to Home.co.uk’s Asking Price Index for April. The twin stimulus measures of the extended Stamp Duty holiday (till the end of June) and government-backed 95% mortgages are having a dangerously destabilising effect on home prices in regional markets plagued by lack of supply. Following the latest lockdown, the market is off to the races. Surging demand is everywhere except London, creating fierce competition for a diminishing sales stock. Across the UK, the number of properties entering the market is 25% less on average than it was two years ago, and in many regions the supply shortages are much worse. Contact Hoppers to find out more, and what it means in the local property market e- info@hopperandco.co.uk From Home.co.uk 14/04/21

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