Market Update – July 2021
By Nick Staton – Co-founder/Owner Statons Estate Agents
Is now the best time to sell my home?
Is perhaps the most frequently asked question by many of our clients. Rather a leading question for an estate agent, but perhaps a fair one, given the often mixed messages in the national press. Particularly with the recent changes to the stamp duty holiday on 30th June.
Whilst the stamp duty holiday has helped many home movers save money, it is not this that has been the main driver for the current property boom. By and large, its cause can be attributed to a great many people’s desire for more space, both inside and out.
The Search for space
The search for space has been fuelled primarily by the virus, as people have had the real option of working from home and not being tied to the daily central London commute. So a lifestyle change from urban London living to the leafy suburbs is a much more attractive option.
Recently published research for the Mayor of London’s office confirms that 43% of Londoners questioned, wanted to move to a new home within the next twelve months.
Certainly in North London and Hertfordshire, there is still a considerable appetite to move, with buyer demand continuing to substantially out striping the supply of new property coming on to the market. Mirroring the national trend.
The statistics from our own website (Statons.com) demonstrate the surge in buyer activity, which shows almost 17,000 more visitors in the second quarter of 2021 compared to the same period in 2020.
Encouragingly, of this unprecedented increase, the international buyer market accounted for almost 4,000 visitors, a 75% increase from 2020 to 2021, confirming the resurgence of buyers from around the world looking to move to the area that we specialise in, with our network of offices.
These buyers are directly viewing properties on our own website statons.com, we are very proud that our brand and website are being visited by so many buyers from both the UK and internationally.
The 2021 Property Market
2021 has broken just about every property market record! The recently released half-year housing market results confirm that the first six months of 2021 were the busiest ever recorded.
These levels of activity have increased the average price of property coming on to the market to a new all-time record, up by over £21,000 or (+6.7%) in just six months.
To try to make sense of the statistics, there were 140,000 more properties sold in the first six months of 2021 than in any previous first six month period.
Then consider the impact of 85,000 fewer properties coming on to the market in the same period. Small wonder that prices have increased so dramatically.
Is it the best time to sell?
In answer to my opening, rather leading, question, is absolutely yes. It would be almost impossible for even the most cynical commentator to argue against. At a time when there are many more active buyers than properties available for sale, creating possibly the best sellers market we have ever seen. And with prices at record breaking highs, now is undoubtedly the best time to sell your property.
If you require any further advice please contact us
Nick Staton, Statons Estate Agents