Rightmoves summer prediction
Buyer demand remains strong despite the relative summer pause, and Rightmove predicts that there will be an autumn bounce in both seller activity and prices. In the first week of August, individual buyer enquiries to agents are up by 56% on the same period in the pre-Covid year of 2019, and down by just 17% on the frenzied post-lockdown 2020 numbers. This snapshot also shows that the number of sales agreed is up by 9% on the same period in 2019. Available stocks for sale still at record lows, with buyer demand hoovering up new supply leading to more properties selling - and selling more quickly.
These market conditions mean that home owners who have yet to come to market and address their new housing needs should act soon to get a better chance of a quick sale at a good price and be in their new home before Christmas. Rightmove’s analysis shows that the likelihood of sellers finding a buyer remains at, or close to, an all-time high. The average time for a newly listed property to be marked sold subject to contract is the quickest ever at 36 days, which is a whole month faster than in February 2020, which was the last month before the first lockdown. However, given the fierce competition to buy property even these impressive statistics leave a high risk of losing out to another buyer who is in a better position to proceed. As a result many sellers are choosing to have a buyer lined up subject to contract before entering the race to secure their own purchase. “Selling before you buy” puts them in the best position to be at the front of the queue to buy suitable properties as soon as they come to market.
Tim Bannister of Rightmove advised this week: “Sell before you buy is a successful tactic in fast moving markets, especially the current one where any new listings popular in both specification and location are selling in days rather than weeks. Your own buyer will have to show a degree of patience while you wait for the right property to come to market, though the pedestrian speed of the normal legal process often creates the opportunity to play catch-up later if it takes a few weeks to find the right property. Some sellers are even completing their sale and going into intermediate rented accommodation and then buying, though this takes extra resolve and time. Having operated in a very fast moving market for over a year now, estate agents know the best tactics to secure the best properties, so it’s well worth sounding them out with a discussion on selling before buying.
We at Wilsons couldn’t agree more. If you’re thinking of selling – crack on, there’s rarely been a better time and whatever you do, Call us first, we’ll move fast – so you can!