Market Update – September 2021
By Steve Cook – Partner Clarke Gammon
In more normal times, the summer months generally signal a slight cooling off of the property market, as people focus on holidays and keeping the kids amused. For the team here at Clarke Gammon, the summer of 2021 has been anything but.
As buyer demand remained high during August and into September, the supply of new properties coming on to the market couldn’t keep pace with the strong demand of motivated buyers.
For every new property listed, we are inundated with enquiries and requests for viewing appointments. It is not unusual to have 10-15 viewing appointments within the first few days of a new property being put on to the market.
Inevitably, this often results in multiple offers being received from highly motivated buyers, and as there can be only one buyer there can also be disappointment.
Homes Selling Faster Than Ever
We are frequently asked for market predictions or advice on likely increases in property value. Predictions are a risky business, particularly in such a volatile market, so we tend to stay with the facts.
Although, with homes in West Surrey and East Hampshire selling faster than ever, property values being at an all-time record high and significantly more demand than supply, it would be difficult to think of a better time to sell your home.
Sell before you buy
With such a hotly contested buyer’s market, there is a strong incentive for existing property owners to ‘selling before you buy’. This strategy enables homeowners to compete with other buyers that are ready to move.
There is often little chance of buyers with a property to sell being able to compete with other interested buyers who are ready to proceed immediately. Many of our clients have successfully found their new home doing just this, and whilst it can be a daunting prospect, it is something we are used to managing and it really does work well.
Homeowners are often pleasantly surprised at the price we are able to achieve and this gives them an accurate budget in the search for their new home.
The Autumn Bounce
Interestingly, in the recent ‘House Price Index’ report from Rightmove, they confirm that buyer demand remains strong nationally, despite a slight summer slowdown at the top end of the market, particularly in central London. They are however, rather bravely, predicting an autumn bounce in both seller activity and prices.
They go on to say that their analysis confirms the likelihood of sellers finding a buyer remains at, or close to, an all-time high. With the average time for a new property listing to go under offer is the quickest ever, at 36 days. That’s a whole month faster than in February 2020, pre the first lockdown.
If you are contemplating a move, please feel free to use our instant online valuation tool or give me a call.
If you require any further help or advice, please contact me at our Liphook Office.
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