I think everyone knows by now that the UK housing market is at its busiest since 2007. Houses are selling quickly across the UK but especially so locally in Lancaster and Morecambe. Here are some property facts from you from our specialist research team.
- Over 950,000 sales are estimated to have taken place across the UK in the first 7 months of 2021, making it the UK’s busiest housing market since 2007.
- Sales volumes in 2021 are over 30% higher than in any year since 2007, with the exception of 2016. 1st April 2016 saw the introduction of the 3% surcharge on second homes.
- At 73,740 the number of sales agreed in July was the lowest monthly total in a year. Sales fell 63% on June due to the signfiicant rush of buyers wanting to complete before the June stamp duty deadline.
- Zoopla estimate the number of sales agreed in August is up 21% on 2018/2019 with predictions that sales volumes will top 1.5 million by the end of the year
It all makes for interesting reading. We know for certain that the housing market has been this busy for some considerable time. People keep asking will it slow down? The issue now is the lack of choice available. New listings in August are down by 20% year on year and many homes are still getting snapped up quickly. Of the 7 sales we have agreed so far this week, 4 of them have achieved the full asking price and 2 have gone over the asking price.
One word of caution though is be aware of over-valuing estate agents who are desperate to get listings. In August 76 homes have had to reduce their asking prices and they have been some huge reductions, one has high as £100K, several over £25,000. If you are thinking of selling, make sure your chosen agent can explain their pricing stratedgy and reasons. The key to getting the best price is to price it right from the beginning!
Thanks for reading, my name is Michelle Gallagher. If you are thinking of moving we would love to help. Although restrictions have lifted we are still conducting Covid safe valuations. Call us on 01524 843322