Buyer demand grows 34% to record high: Rightmove


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“As we live in such a low interest rate environment, the market should remain bullish for some time.”

The number of potential buyers inquiring about every available property has seen an annual increase of 34% to a new record, according to Rightmove’s latest home price index.

Rightmove claims that “the greatest excess of demand over supply in the past ten years” has pushed up the average price of property put on the market by 0.8% this month.

The start of the traditional spring sales period saw the number of sales agreed for the first week of March increase by 12% year over year, despite a shortage of available inventory.

Rightmove also reported a daily average of more than seven million visits to its site in February, 40% more than in February 2020.

Tomer Aboody, Director of MT Finance, commented: “The extension of the stamp duty holiday has further boosted already high confidence in the housing market.

“Buyer demand has grown dramatically over the past year due to the need for additional space. Many Londoners are looking for new and much larger pastures, moving to the traditional suburban belts of Surrey, Hampshire, Sussex and Berkshire and even further afield like Norfolk More space – indoors than outdoors – combined with a better quality of life for children is more than ever the number one priority for families. cheaper outside the capital, and low interest rates for those who need a mortgage, it’s a win-win scenario.

“The demand is such that there is a definite need for more stock, however. Hopefully the spring and summer sun will bring more properties to the market, with many buyers waiting to pounce.

“As we live in such a low interest rate environment, the market should remain bullish for some time.”

Jeremy Leaf, North London real estate agent and former chairman of the residential sector of RICS, added: “The latest figures from Rightmove reflect what we’ve seen on the ground over the past few weeks – the release of more pent-up demand after a post-Christmas hiatus.

“The government’s well-followed budget announcements extending the stamp duty holiday and leave regime, as well as the introduction of a guarantee for high-value mortgages, have reduced uncertainty and raised confidence.

“The easing of foreclosure restrictions and the accelerated rollout of the vaccine are also persuading more homeowners to put properties up for sale for the traditionally busier spring market, which will bring more balance and help control prices.

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