The first days of warm spring sunshine have arrived, bringing with it the strongest start to this season’s home-selling market we’ve ever seen.
The average asking price of a home across Britain has hit a new record high this month. Prices keep rising because there are more people looking to buy than there are homes for sale.
In fact, the gap between the number of home-buyers and sellers is the biggest we’ve ever measured at this time of year.
So, if you’re looking to move, this is the best-ever spring to put your home on the market. Here’s why.
Why is this the best-ever spring sellers’ market?
1. The potential that you’ll achieve a record price for your home
Average asking prices across Britain have risen by £5,760 this month, with the national average now reaching a record-high of £354,564. This is the largest rise seen at this time of year since March 2004.
It’s also a hugely competitive market, with many estate agents reporting that homes are receiving multiple offers from buyers, so if you weren’t ready to take advantage of last year’s rush, you now have another chance to get your home on the market while these conditions last.
2. There’s a strong chance you’ll have several buyers to choose from
There are now more than twice as many buyers as sellers active in the market, which is the biggest imbalance that we’ve ever recorded at the start of the spring home-selling season.
So the chance of you being able to pick and choose between several suitable buyers is strong.
3. You’ve got the highest-ever chance of finding a buyer within the first week
Deals are being done at lightning speed. At the moment, one in five sales are being agreed within the first week of a home being listed on Rightmove. This is double the figure for the same period in the more normal market of 2019.
With sales being agreed within the first fortnight on almost half of the homes listed, this shows just how high buyer demand is, and how quickly you could be in a strong position to make an offer on your next home.
So, what does this mean if you’re looking to buy?
If you’re selling in this record-breaking market, you’ll probably also face the prospect of buying again in the same market. The good news is that we’re starting to see more sellers coming to market, bringing more choice of properties for sale.
However, it’s likely you’ll still be competing against other buyers.
Our property expert Tim Bannister says: “Having a buyer for your own property, subject to contract, will put you in a powerful position compared to other buyers who have yet to sell. Estate agents report that if you put yourself in the position of becoming a ‘power buyer’, you’re more likely to get the property that you want, and will be able to negotiate the best deal on price.”
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