Property supply continues to be an issue as we approach the end of the year
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At the end of next week the clocks fall back, with British summer time coming to end. The evenings are already darker and there is a definite chill in the air. As autumn is upon us I thought I would provide an update on the current property market.
During this pivotal time of the year for the property industry, clients are deciding if they have enough time to ‘be in for Christmas’ or they are gathering valuations and advice to market their property early in the new year or next spring. For families with school-age children, timing might mean buyers are working toward the school application system and being in the right catchment area for their chosen school before their school application deadline. Historically the market tends to dip the closer we get to Christmas, although these last couple of years have been anything but normal!
Supply continues to be an issue with agents reporting low stock of property on their books, this is keeping prices up as demand is still high. Rightmove reported last month that competition to buy is hot, with buyer demand per property for sale more than double pre-pandemic levels.
Rental properties are also in high demand as people sell their homes and, to break the chain move into rented accommodation, stepping off the property ladder for a moment to be in the best possible position for their onward purchase. This is putting pressure on the rental market and landlords have been able to raise rental prices as supply is low.
Buyers that have stepped off the ladder put themselves in the best possible position to snap up new properties coming onto the market. Equally first time buyers with an approved mortgage in principle who are ready to go are well placed to be able to move quickly. If your property is on the market and under offer this is also a good place to be in this current climate.
As we move toward the end of the year it will be interesting to report on property trends as we get ready for the new year ahead.