The imbalance between supply and demand is seeing one in 10 homes being snatched up within two weeks of entering the market. In other areas, the figure rises as high as one in five as the pandemic property market boom remains in full swing and the nation’s homebuyers continue to battle it out for what limited stock is still available.
Why is demand so high right now?
High demand is always the main force driving up price growth, and right now it’s seeing historical highs. This is due to the current lack of supply, making buyers more competitive and willing to pay more and act fast in order to secure properties. Demand is also ramped up this year because of the continued trend towards remote work, where people wish to make the most out of working from home. Many post-pandemic buyers seek a getaway, more space, or a location that cuts down on their commute as they return to work.
Which areas are seeing the most activity?
The latest research shows that 11% of all homes listed for sale in the UK are being sold within just two weeks. In the current climate, prospective buyers are showing less hesitancy and more determination. Regionally, Scotland is seeing the hottest market this summer, where the proportion of new homes sold within 14 days is as high as 18%.
In the South West, 13% of properties are being sold subject to contract within two weeks, while in Wales, the West Midlands and East of England it’s at a slightly lower 12%.
London, being the most expensive region in the UK, is currently experiencing the slowest market by comparison, with just 7% of all homes sold within two weeks.
Scotland remains in first place, with Edinburgh at a whopping 23% and Glasgow at 19%, seeing the highest proportion of for-sale stock selling within two weeks.
Bristol also comes in at one of the top three with a figure of 16%, while Portsmouth and Birmingham follow close behind as some of the most likely to see a home sell at an immediate rate.
Why now is the best time to sell
Because of this year’s heavy competition and the huge influx of prospective buyers across the UK, now could be the best time to sell your house at a premium rate which competitive buyers will be happy to pay. The lack of supply in today’s market gives you leverage to sell your home quickly and fruitfully, and you may not have to concede to the same level of repair work that you would in a more balanced market.
Going forward…
While it may take months to show an effect, property experts predict rising stock levels and a cooldown in buyer demand, which should level out with house prices in the meantime. With the cost of living crisis and interest rates on the rise, the market is almost certain to see price falls as things begin to slow down.
Contact our expert estate agents for further information.
