As the stamp duty deadline rapidly approaches, many buyers may feel they’ve missed out on the reduced costs. However, with a decade-high choice of houses, spring buyers could benefit from the increased number of properties on the market.
The great news with this time of year is that there is plenty of activity from both buyers and sellers, making it a robust market to sell or buy in. Despite this spring being post-stamp-duty-increase, it is expected buyer demand will remain stable.
The current market has positive signs of growth, and now could be a great time at looking to make a move. This month’s Rightmove House Price Index has been released, so let’s talk through the key points and what this could mean for you.
How is the UK property market currently performing?
For sellers, historic averages show us that March can be a great time to get the ball rolling with your move. This year, the market is looking active, with the number of sales being agreed 9 per cent higher than the previous year. The average time to secure a buyer in London has also decreased to 69 days which means now could be the ideal moment to put your property on the market.
For buyers, the number of houses on the market is at a high since 2015, meaning now could be a great time to find your perfect home. With the number of sellers coming to market up by 8 per cent in comparison to this time last year, many sellers are pricing sensibly to help their property stand out, meaning house prices are looking positive this spring.
There is expected to be a log-jam with moves in the legal completion process as lots of people try to beat the stamp duty deadline. However, the amount of new sales being agreed is still a positive sign going into spring that the market will remain active. It is important in this period to factor in a longer legal process to your timeline to reduce the effect this will have on your move.
What does this mean for the housing market in West Hampstead?
Currently, the average house price in London is £695,885, which is up 1% from last month, which we can come to expect in a historically buoyant March market, which Rightmove data suggests is one of the best times for sellers to go to list their property. In Camden, the average house price is sitting at £1,064,480, which is a 5.1% change from last month and shows how our local market is constantly changing.
Having an understanding of the local market is paramount to pricing your northwest London home correctly, especially with the market fluctuating so rapidly. By using the right strategy from the start, you can increase your chance at a quick and efficient sale in a busy time of year.
How Paramount Properties can help
No matter where you’re at in your property journey, getting expert opinions is the best way of reducing your risk of making costly mistakes in the current market. It is more important than ever to use a competitive strategy if you’re selling your home for a smoother and quicker sales process. By using an experienced agent who not only has a broad knowledge of the general property market, but your local market; you can get the process right from the start.
At Paramount Properties, we are experts at looking at each individual case, and using our knowledge to make the best outcome for your property. Buying or selling a property is an incredibly personal process, and we’re here to make it easier for you. Through our experience and expertise we can help sellers avoid unnecessary delays that may occur through conveyancing, by preparing in the right way from the very beginning of the process.
Get in touch with our team here to discuss your property journey.
