Two up, two down, smart semi or a sprawling detached family residence – the house has overtaken all other properties as the most in-demand dwelling. The craze was even noticeable in the new build sector, where analysis of Land Registry data showed detached houses were the most frequently bought style since 31stJanuary 2020.
Much has been reported on the ‘race for space’, which has seen home movers make a beeline for houses, but trading up to a bigger home was a trend forecast to end in line with the stamp duty holiday.
New analysis has, however, shown houses are still in high demand and are predicted to remain hot property well into 2022. Property portal Zoopla reported that demand for houses in July this year was twice as high as typically seen at the same point between 2017 and 2019.
You’ll be well aware that lockdowns provided a laser focus on where we live, with many lamenting the lack of privacy and cramped conditions when everyone was under the same roof at the same time. This propelled the first house buying wave, with many knee-jerk purchases and unplanned moves.
Now the sustained demand for houses is linked to something else – low levels of available properties. In fact, Zoopla says some house stock levels are down 25% in the first six months of 2021, compared to the same period in 2020. It’s something we’re noticing too.
The result is a supply and demand imbalance – there are simply not enough houses for sale to serve the number of people who want to buy them. As we move into autumn, we’re seeing panic buying being replaced by home movers who have bided their time – those who have waited for lockdown to lift and the outlook to stabilise before they started searching for a new house. It’s a sellers’ market and here’s exactly what that means for you if you own a house.
Every time a new house is added to our portfolio, there is instant interest. Many buyers have been on waiting lists for weeks – even months – and we’re finding the phone rings and the emails ping as soon as a fresh house appears for sale.
More often than not, we receive multiple requests to view a house within the first 48 hours of it appearing on our website and across the property portals. The diary is filled quickly and it’s not long before people are making offers. In some cases, the competition to secure a house is so fierce that a bidding war breaks out and the asking price is surpassed.
Many buyers are looking for a house just like yours, particularly if it’s smart and of sound construction. If you can help us address the shortage of houses for sale in the local area and would like to see a ‘for sale’ board up outside your home, contact the team today and book a free valuation.
Latest: August property market report
August 8, 2022
July provided the experts at Zoopla with the perfect opportunity to evaluate how the last two years have affected the UK property market. Its headline statistic – pandemic housing boom creates 270,000 property millionaires – won’t apply to the majority of homeowners but the rest of its analysis will.
Painting the front of your house: is it worth it?
August 1, 2022
We use the expression ‘first impressions count’ for good reason and potential buyers faced with an exterior that’s cracked, flaking and grubby will make quick assumptions about your property.
Is now the time to become a limited company landlord?
July 25, 2022
Being a landlord is about running a profitable investment, but for some, it is becoming harder to protect margins and generate a meaningful income. Now is a good time to examine your landlord status – is it best to be a private operator or a limited company?