A shortage of homes for sale, combined with increased demand from buyers, have resulted in the best time to be a property seller in a decade, according to property website Rightmove.
Spring price surge
Rightmove’s April House Price Index indicated a monthly surge in asking prices of 2.1% (£6,733) has rocketed the national average house price to £327,797. This is only the second time in five years that prices have jumped by over 2% in a month and it also comes at a time when the stock of properties available to buy has reached the lowest proportion ever recorded.
Fueled by a number of factors
Continuing low interest rates, the Stamp Duty extensions in England and Wales, a shortage of available property to buy and the newly introduced government support scheme for 95% mortgages, have all contributed to the fast pace of the market. There is also growing optimism due to the success of the vaccination roll-out, with many people considering a fresh start in different surroundings, perhaps now they have been released from a lengthy daily commute and can consider working from home.
Moving in 2021
If you’re on the hunt for a new home in 2021 and need help with your mortgage options, please get in touch.
Your home my be repossessed if you do not keep up repayments on your mortgage