With the housing marketing now open for business and socially distanced viewings becoming the new normal Rightmove announced is busiest day on record on Wednesday 27th May with over six million visits. Up 18% on the same day in 2019.
Savills recently released a report saying they it expected UK house prices to fall by about 7.5 per cent this year across the UK, with property values recovering at different rates of growth.
While the UK is forecast to see an average 5 per cent house price gain next year, on a regional level property inflation is tipped to be at its highest in the North West, at 8.5 per cent, but lowest in the North East, West Midlands and Wales at 2 per cent.
Over five years, Savills suggests a 15.1 per cent national average rise in house prices, ranging from the North West’s 24.1 per cent gain to London’s more modest 4 per cent rise.
Rightmove’s Commercial Director and Housing Market Analyst Miles Shipside said: “The combination of pent-up demand being released, new people entering the market and no half-term holidays during lockdown this has led to this late spring boost. The challenge agents are facing is handling this surge in enquiries, having a process to deliver virtual viewings, and setting up socially distanced and safe physical viewings. This means that although numbers of sales agreed have improved from being down 90% to currently being 47% down compared to this time last year, it’s going to take a considerable time for a return to sales agreed levels seen last year and at the start of this year.”
What can you do?
So, it seems it will improve but it will be slow and steady. The key to selling your property is going to be about preparation and being organised, you can read our top tips here on how to get your house ready for sale. Prepare your property. Clear your rooms. Redecorate, cut those hedges and tidy the gardens if you can. Put items in storage to make it look less cluttered. Make it look the best you can so that it is more appealing to your buyers.
What does it mean for first time buyers?
In a new Government scheme for first-time buyers and key workers they will be able to buy new-build homes with a 30% discount. Key workers, such as nurses, police officers, firefighters, and teachers, as well as armed forces veterans, will be given priority in this scheme.
According to the Housing Secretary Robert Jenrick: ” The initiative will also be open to people in other professions. I know that many who are seeking to buy their own home in their local areas have been forced out due to rising prices.”A proportion of new homes will be made available at a 30% market discount rate – turning the dial on the dream of home ownership.” He added that the discount would be passed on when the property was sold in order to help future first-time buyers.
The Government is currently consulting on how the scheme will be delivered and no date for its introduction has yet been given.
The First Homes scheme will give people in England the chance to buy a home in their local area for nearly a third less than the market price, saving them an average of nearly £100,000.
If you are planning a move soon and need a quote for your removal or storage we are here to help. Get a quick quote or call us on 01494 774186