Published: 08/04/2021Following on from the Chancellors budget announcement that the stamp duty freeze would be kept in place until June 2021, demand for property is currently outstripping supply.
The start of the traditional spring selling period saw the number of sales agreed for the first week in March up by 12% on 2020 despite the current shortage of available stock. Rightmove data shows there is a surging level of demand in the UK housing market, making for one of the strongest starts to the spring season ever.
A record number of prospective buyers are enquiring about properties on Rightmove. Demand in the housing market is 34% higher than the strong pre-lockdown market from a year ago. The average asking price of a property going up for sale has increased by 2.7% in the last 12 months. This has increased the national average to £321,064. Additionally, asking prices grew for the second month in-a-row. A rise of 0.8%, or £2,484, was recorded in March.
Measures announced in the Spring Budget, not only included the stamp duty holiday extension but the mortgage guarantee scheme, has boosted the housing market. Since the day of the announcement, Rightmove have said that they have seen a spike in online property searches.
Already high levels of buyer demand caused by the lockdowns has continued to surge since the start of the year. This demand will be further boosted, as from the start of April the new Government guarantees enabling lenders to bring back 5% deposit mortgages begins.
With demand for homes so high, if you are thinking of moving, now is the perfect time to get your home on the market!