The PERFECT home sale!
*More money, greater success* – these are the results we’re currently seeing for homes starting to come on the market right now. Find out why NOW might be the BEST time to take that next step in your home sale…
As we enter the summer season, this may be the only year that summer out-performs spring in terms of successful home sales. We’re predicting initial home valuations and marketing preparations that happen right now are the ones who have the most success this year, both for demand in the market, and peak house prices. These predictions are backed by the top mortgage companies in the country, who say prices and demand will continue to rise throughout the summer.
Prices in Thanet have increased by 14%, with Halifax and Nationwide predicting they’ll continue to stay high throughout summer.
Halifax said almost £22,000 had been added to the average house price since May 2020, when the UK experienced the first easing of national lockdown restrictions, and the gradual reopening of the housing market after a temporary freeze. It marks a 9.5% annual increase, the fastest rate of growth in seven years. This has been topped in Thanet with an incredible 14% rise.
The UK’s second largest mortgage lender, Nationwide Building Society, predicted house prices would continue to rise this year beyond the stamp duty holiday tapering off in June. “People don’t say: ‘Oh look, there’s a discount on stamp duty, let’s move home.’ That’s not how it works,” Chief Executive, Joe Garner explained. “People are thinking of their house less as an investment and more as a home.”
Demand has been underpinned by a “structural shift” in the kind of homes that buyers were looking for after the pandemic, which has ushered in a home-working boom, and fuelled interest in larger homes with gardens and views outside city centres.
There are more buyers than houses
We’re currently in a seller’s market, which means that demand outstrips supply when it comes to homes entering the market. This results in bidding wars, higher offers, more interest, and a fantastic result for our sellers. If you’re planning on selling your home, especially if you don’t need to go on to buy another (but even if you do!) a seller’s market is the perfect time to get it done quickly and for the most money.
Less houses on the market means less competition
An extra benefit to a seller’s market is less direct competition for your home. With the lack of stock right now, the ‘right’ type of home for a buyer becomes scarcer, and they’re more likely to go for your home. This pushes up the price, but more than that, you end up with a better kind of buyer – you may get cash offers, or buyers who already have mortgages and proof of funds in place by the time they put the offer in. Your home sale goes through cleaner and more quickly, with less hassle.
A lot of people are relocating and looking to live by the sea
As mentioned above, since the beginning of the pandemic, house buying has become a lot more emotional and a lot less practical. People are looking for homes they can spend a lot of time in, in a great location with plenty of walks, fresh air, and places to spend time with family nearby. We’re finding plenty of people looking for second homes, retirement homes, or family homes by the sea, where they can improve their day-to-day life outside of work.
Add this to the new ‘home working’ initiatives from companies and the result is plenty of people moving to Thanet from cities like London, or even across from more expensive coastal areas such as Brighton & Hove. Of course, this adds to the number of buyers out there, and especially those with the money available to make it an easy and fast sale.
Summer
Finally, it’s worth noting that those who start the process of their sale now will be selling over the summer, and with the extra precautions put on holidays abroad meaning less holidays taken and more money freed up for moving, there’s also plenty of time to push your home sale through before the craziness of the new school year starts in September.
So, what are you waiting for? Don’t miss out! Take the first step and book your home valuation with us now…
Instant Valuation
Instant valuation calculated by a computer algorithm using previous sales data.
(80-85% accurate)
Social Distancing Valuation
Simply complete a form telling us some basic details about your property and an Oakwood homes property professional will forward you a detailed valuation report.
(90-95% accurate)
Professional Home Visit Valuation
Our valuation experts will visit your home to carry out a detailed valuation (safely) and forward you a comprehensive written valuation report, with recommendations relating to your specific timelines and goals.
(100% accurate)
Wherever you are on the home moving journey, we're here to help! If you have any questions, please do get in touch or take a look at our many helpful tips and advice articles on our blog page HERE.