Fastest-Selling Housing Market

18th May 2021 posted in PROPERTY NEWS

At Country Properties, we aim to provide you with information about what is happening in the local housing market, and what is happening nationally.

When you have accurate information regarding the market, it is much easier to make an informed decision.

We are pleased to say we have spoken with many would-be buyers in the local area, and we know there is significant demand for property. If you are considering selling your Baldock home, we can connect you with interested buyers.

This isn’t just the case in the local market, it is happening nationally. One of the leading property portals in the country has spoken about how quickly the housing market is moving these days.

Property portal records a lot of activity

In mid-April, Rightmove figures stated:

•  Asking prices have increased by 2.1%

•  The average asking price of property in the UK stands at £327,797

•  This is a significant increase (of more than £4,000) on the previous high, which occurred in October 2020

•  Rightmove has classed the current market as the fastest-selling market since they started recording this phenomenon

Tim Bannister, the Property Data Director at Rightmove, said; “This is only the second time over the past five years that prices have increased by over two per cent in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.”

Tim also said; “The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high. The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95 per cent mortgages and a shortage of suitable property to buy.”

Tim continued by saying; “There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings. It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred.”

Tim Bannister concluded by saying; “Almost one in four properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”

According to Rightmove, as of May 2021, the Baldock housing market can be described as follows:

Properties in Baldock had an overall average price of £350,608 over the last year.

The majority of sales in Baldock during the last year were terraced properties, selling for an average price of £347,070. Semi-detached properties sold for an average of £365,933, with flats fetching £189,188.

Overall, sold prices in Baldock over the last year were 8% up on the previous year and 10% up on the 2018 peak of £318,950.”

In line with Government guidelines, our Baldock Branch is open and our experienced team is working hard to support you.  To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 895061 or 01462 742077, or you could email baldock@country-properties.co.uk  or ashwell@country-properties.co.uk