As ever in the world of property, the market is constantly shifting and it can be hard to stay on top of when is the best time to make your move. From changes in buyer demand and property availability to ever-changing policies, the market this year has been a hard one to follow.
After the Stamp Duty deadline, we expected the property market to look a little different, but where has that left us now that the dust has settled? We’ve dissected the latest House Price Index from Rightmove, and determined what this could mean for you if you’re thinking of selling or buying a home.
How is the London market currently performing?
Currently, if you are looking for a swift move, this month is looking positive for Londoners with the capital in line with the national average of days to find a buyer, at 60 days. This has decreased by five days from the previous month, and it looks like the heightened choice of properties isn’t affecting overall saleability.
The asking price of properties in London has risen by just 0.4 per cent, which is a little under the national average of 0.6 per cent, meaning the average London house price now sits at £701,990. Although London is still sitting at a higher selling price than last year, in comparison to the national average, it doesn’t look to be rapidly increasing.
What does this mean for buyers?
The amount of properties on the market is still at a decade-high, so if you don’t want to settle for less than your perfect home, now is the time to start looking. There have already been a lot of changes that benefit buyers this year, including the recent bank rate cut, which has increased the affordability of mortgages for many people looking to get on the property ladder.
The ability to afford a home as a first-time buyer has been on a steady increase from last year, and means that we could be seeing a lot more new buyers coming to market shortly, making for a strong and active summer market.
What does this mean for sellers?
For sellers, now could be a great time to get your property on the market with new seller asking prices at a new record, and the number of sales being agreed in a month five per cent higher than this time last year. Therefore, if you price right, this could be your moment.
Sellers do have to bear in mind the slight slowdown in buyer demand. However, it is still ahead of last year by three per cent, and there are early signs of a bounce-back during the rest of May, so this shouldn’t cause many issues if you market your property right, and find an agent with the knowledge to match your home with the perfect buyer.
How can Paramount Properties help?
Here at Paramount, we understand that each property journey looks completely different, and make it our duty to learn from the market, and apply it to every case individually. In this spring market, it is important to know a property thoroughly to help it stand out, and we ensure that we know every last detail inside your four walls to market it the best we can.
Get in touch with our team today to start your property journey.
