Early Sellers take Maximum Advantage
Steve Cook – Partner Clarke Gammon
In last month’s article, ‘New Year, New Home in 2022’ we talked about the pent up demand within the local property market. As home owners that have been put off moving in the previous couple of years, due mainly to the pandemic and the frantic pace of the market over the past twelve months, are looking to move in 2022.
During January and early February, of the local home owners that took the initiative and put their property on the market, many have succeeded in achieving a sale, often very quickly and at or in excess of the initial asking price.
Just this week, our Guildford Office took instructions on a pretty house in Pentreath Avenue, Guildford at £450,000. At the time of writing, we have over 45 viewing appointments arranged for the coming weekend and expect it to sell at over the asking price. Similarly, our Liphook Office has marketed a beautiful bungalow in Grayshott Village where a sale recently fell through. Having remarketed the property this week, we have already received an offer and agreed a sale at the full asking price.
These anecdotes are common, as property stock remains relatively low, sellers are taking maximum advantage of the high levels of buyer demand and are often rewarded by selling quickly and achieving the very best prices.
Lighter evenings and sunshine
Along with lighter evenings and warmer weather, the seasonal change is also anticipated to have a positive impact on the property market. As gardens show early signs of spring and the sun begins to shine, home owners are more inclined to market their properties. With the likelihood of more available housing stock coming to the market, the advantages currently enjoyed by these early birds are likely to be less.
As the current exceptionally strong sellers’ market is not expected to last, our advice to clients is to get an early start and take maximum advantage of the favourable conditions. Adding weight to our contention.
In the recent ‘House price index’ from property portal Rightmove, they confirm the current advantages for the early sellers –
- The number of buyers enquiring about homes is 15% higher than the same time last year.
- The number of available homes for sale per estate agency branch drops again to a new record low of just 12.
- As a result, competition amongst buyers is almost double what it was at this time last year.
Whilst national house price inflation can seem fairly arbitrary and often not relevant to the local market, it is a good indicator of local trends. The ‘House price index’ confirms the average price of property coming to market was up 0.3% in January, which is 7.6% higher than in January 2021, the highest annual rate of price growth recorded by Rightmove since May 2016.
Signs of change
From our own experience, we have seen a considerable increase in the number of local home owners planning for a move this year, as the number of valuation appointments we have had in the first month of 2022 has been at record levels.
Likewise, nationally, the ‘House price index’ confirms that there are early signs that more property choice is on its way. With the first working week of 2022 being the busiest start to the year ever for people requesting agents to come out and value their homes.
The number of home valuation requests in the first working week of 2022 is 44% up on the same period last year, and 48% up on the same period in 2020.
The old adage, ‘an early bird catches the worm’ could never be more apt… If 2022 is the year for a home move, start the ball rolling early and take advantage of the current favourable conditions.
If you require any help or advice, please contact me at our Liphook Office.
Until next month, happy house hunting.
Partner Clarke Gammon