Market Update – May 2021
This time last year we were in full Covid lockdown with a very bleak outlook for the property market indeed.
This week, as we heard the reassuring news of further lockdown restrictions easing, I find myself reflecting on how much things have changed in a year.
Demand is at a record high, still up 50% against 2019 (before all this started!) and, with around 8% fewer new listings coming onto the market, the balance between supply and demand is having an impact on average asking prices, which were up by around 6% in April.
This increase translates into a rise of sale prices and if there is one thing that fuels confidence in the property market it’s a bit of house price inflation.
We are seeing potential sellers reluctant to list their properties because they are concerned about finding their next home, so we are encouraging potential sellers to take the all-important first step. There is a certain irony here with the shortage of properties coming onto the market exacerbated by the shortage itself!
We are trying to help with the introduction of a new initiative called “Jump the Queue,” which we hope will encourage those customers who have not yet put their property on the market to do so by giving them a sneak peek at new instructions ahead of everyone else and before they hit the property sites such as Rightmove and Zoopla.
This month we released a really helpful article that explains that, in this active market, it is important to know how to get your foot in the door, but it really does all start with a no-obligation conversation. Speak to your local Pittis team and let us know how we can help you.