We know this has been a challenging start to the year, but the London property market has remained open. If you are looking to make an informed decision regarding the London property market this year, Stones Residential is here to assist you as best we can.
Buyers are contacting agents
According to Rightmove's latest data, the number of prospective buyers contacting agents in February so far is up by 22% on February last year in a sign that many are planning a move regardless of the stamp duty holiday, and the number of renters contacting agents is up by 39%.
In a study conducted by Rightmove, the number of prospective property buyers contacting agents in February 2021 is 22% higher than the number who contacted agents in February 2020. The number of prospective tenants contacting agents has increased by 39%.
Other key findings in the recent Rightmove study includes:
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33% of respondents who plan to sell their home in 2021 say a lack of suitable properties is causing them to delay their next move
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22% of respondents want to wait until lockdown is over before they make a move
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24% of respondents didn’t want to move until they heard if the stamp duty holiday was being extended
There is a fall in the supply of property
Information provided by Rightmove highlights there are 21% fewer properties coming to the market than there was in February 2020.
Tim Bannister, Rightmove’s property expert, said: “Despite all of the uncertainty right now, there are clear signs from buyers that they want to move home in the UK this year. Our traffic levels are on a par with the mini-boom from last summer, and July’s busiest ever day last year has been replaced by a lockdown day in February. Now that we have some clarity on what the roadmap out of lockdown could look like we expect to see more people putting their home on the market. This should help open up more choice in the market to satisfy the strong buyer demand we’re seeing.
Tim Bannister continued by saying; “I’ve heard a number of stories of people falling in love with their dream home, only to find it takes time to sell their own one and so lose out on their move. I do completely understand the thinking that home-owners want to find somewhere first, but in the current competitive market if they already have their property up for sale it means when they do find that dream home they’ll have a much better chance of having their offer accepted.
There will also be issues and financial factors to consider from the March Budget.
Tim Bannister concluded by saying; “People will be eager to hear what the Chancellor decides to do to stamp duty in the budget next week and there are clearly a number of people who are worried about missing the current deadline, but our research shows there are also a large group who do not see this as a factor in deciding to move this year.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
