After the panic of the rapidly closing window on the stamp duty holiday, the local property market has had another collective surge which will please those homeowners looking to sell right now. Some interesting stats have been produced by Centrick. They state that at 7.1%, average annual price growth in the East Midlands is slightly lower than the UK average. However, growth is currently stronger than at any point since April 2016 and considerably higher than the 1.0% recorded this time a year ago. Price growth across eleven areas currently exceeds 7.5%. Rightmove report average asking prices fell by just 0.5% month on month across the region in January and properties are selling more quickly than a year ago.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020. Moneyfacts reporting that lending rates remain low, the average mortgage rate the lowest in history.
The rental market is also seeing signs of recovery with confidence returning as the lockdowns ease. The restriction on international flights is still a limiting factor but the run into the summer is looking very busy and good quality rental accommodation is always in demand.
Tim Bannister, Rightmove’s Director of Property Data comments: “Concerns of a cliff edge for the housing market at the end of March have dissipated, partly due to the tax deadline extensions in all of the UK bar Scotland, but also because the already high level of buyer demand caused by the lockdowns has continued to surge since the start of the year. This demand will be further boosted by the stamp duty holiday extension announced in the budget.”
One thing that homeowners looking to sell need to remember is that you need to put some effort in to make your prized asset look not only presentable, but desirable, experience has shown me that when you put those hours in to get your place looking great the return is a quick sale.
If, however you do not have the time to make your house look other than lived in then contact us for a fair price for a fast sale.