13 May Competition for properties set record high prices this Spring
If you’ve been looking to purchase a new home, you’ll know how quickly properties are selling around you, blink and they’re gone. If you’re selling you’ve likely seen an increase in the number of enquiries and viewings, along with a drive to hold open days.
We, along with many industry experts, thought January & February would see this year’s biggest race to buy & sell ahead of Spring, then the flowers bloomed and so did the market. We have now seen a record increase in property prices for three months in a row, proving to be a year that has seen movement even greater than during the pandemic when sales were driven by buyers keen to take advantage of the stamp duty break.
If you are looking to buy, now is the time to browse our properties for sale in Virginia Water and the surrounding areas. If you have any questions or need expert help to sell, you can also visit our award-winning website to live chat or call us on 01344 843000 and email us.
Why have prices continued to rise?
2019 was the last year we saw any normal trends. Properties are selling in 2022 at twice the rate they were pre covid. Simply because there aren’t enough properties for sale to meet the huge pool of buyers. Many have now taken advantage of the sellers’ market, yet more homes are needed to meet the demand of the high number of people still looking to get on the ladder, make a move, or purchase additional out-of-town properties.
Whilst it is a dream sellers’ market, the speed of decision-making can be quite daunting for some homeowners to enter the market as it is. Therefore, with supply lower than demand, of those that are on the market more than half are receiving offers of their full asking price or more, as people try desperately to buy. For three consecutive months, house prices have risen to a new record amount, with the asking price across the nation now reaching £360,101 with London at an average of £667,110.
What does this mean for buyers and sellers?
As a buyer, you’ll be aware of the fierce competition but despite this, there are steps you can take to place yourself in a strong position to get things moving. For first-time buyers, this includes getting a mortgage in principle. If you are moving on, to be a more desirable buyer, get a sale agreed on your current property so that you’re ready to move with the chain.
Pre-covid, selling your home could take months or not happen at all halting dreams of a move altogether and creating a long period of stress. Although the 2022 market moving at a fast pace could be as daunting as a slower market, this year you can gain a sale at the price you want and make a purchase in a matter of days or weeks providing much shorter-term stress.
Will the market stay this way?
The increasing cost of living and interest rates have hit us all; many buyers and homeowners are now starting to take this into consideration. This, along with the existing lower supply of property vs buyers, will contribute to a slowdown in price rising for the remainder of the year. Price dips are normal for the summer months and the tail end of the year. However, with a high level of demand still, we are unlikely to see any significantly large price falls.
Get in Touch
If you are thinking of moving to the area or buying a property to rent, make sure you take a look at our amazing catalogue of properties for sale in Virginia Water and the surrounding areas.
If you’d like to speak to someone about properties in Virginia Water, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram, and LinkedIn.