The demand for new homes spiked after the announcement of the budget, while house prices continue to rise
It was reported that after last month's budget, buyer demand rocketed 24% higher than in the week previous and is currently running 80% higher than the same periods in the previous four years! However, the supply of properties coming to the market is failing to keep pace, which is driving house prices upwards.
The property market is showing no signs of slowing down, and it is definitely a good time to be selling a property. With the demand for homes up 13% for the year-to-date vs 2020 helped by what we call 'The Lockdown Effect' – buyers no longer tied to certain areas due to working from home, buyers looking for more outdoor space and the extension of the stamp duty holiday – it is a positive sign in these strange times that our economy is ready to spring back into life.
And with 5% mortgages now available, buyers with a smaller deposit can enter the property market to get their feet on the property ladder. For every new first-time buyer, there is a seller looking to move which is creating some really strong chains and movement in the market.
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