Did your property just increase by £6,000 in one month?

Spring is the best time to sell

Many properties increased in value in March. Has yours?

Many predicted that property prices would start to cool off, but they have defied all expectations last month, increasing by an average £5,760. This has brought the national average house price to the record-high of £354,564. According to Rightmove, this is the largest rise seen at this time of year since March 2004.* We’ll explore what this means for you, whether you’re a buyer, seller or property investor.

What does the spring market mean for sellers? Well sellers, you’re in luck. If you missed out on last year’s property rush, you now have another chance to get your home on the market and maximise on the serious lack of supply which is pushing house prices up. You have a strong chance of receiving multiple offers for your property. This is due to the lack of stock and how many buyers are currently desperate to have their offers accepted.

You’ll more than likely have several buyers to choose from

As we mentioned above, the lack of supply of properties is creating a unique market. According to Rightmove, there are now more than twice as many buyers as sellers active in the market. This is the biggest imbalance that Rightmove has ever recorded at the start of the spring home-selling season.* This means sellers like you can choose between a multitude of buyers – some may have made offers above asking price whilst others may be chain-free buyers. You really do have pick of the bunch.

What's happening in the Scottish market?

In Scotland, the market continues to grow and buyer demand is still outstripping the number of available properties. This is making for a very seller-friendly market and many of our agents are reporting sold prices to be much higher than usual for this time of year. The average house in Scotland is now worth £178, 461 - 8% higher than in spring 2021. It takes on average 25 days to sell a home, making Scotland the fastest moving regional market in the UK.

Has your property increased in value?

The highest-ever chance of finding a buyer within the first week

Again, Rightmove has reported that one in five sales are being agreed within the first week of a property appearing on their website. Deals are being done at lightning speed. This is double the figure for the same period in the less frenzied market of 2019. There are half the number of homes listed, but far more potential buyers sending enquiries to agents compared to this time last year. As a seller, you’re in a really strong position.

What does this mean for buyers?

If you’re selling a property, you may be looking to buy too. The all important question that buyers are faced with – are you likely to be able to purchase a house in this market? Well, the good news is that we’re starting to see more sellers coming to market, which will reduce the skewed supply and demand dynamic. One thing is for sure though – you’re more than likely going to be competing against other buyers. This means you’ll want to ensure you’re in the best position to move quickly. So, if you have a property to sell, make sure you get it valued and bring it to market before you start looking to buy. Having your own property sold subject to contract, means you’ll be able to act quickly compared to buyers who have to go through the sales process from the start.

What does this mean for landlords and investors?

Well, capital growth of properties is great news for investors as it means the money you’ve put in bricks and mortar is gaining in value. Rents have also increased dramatically since the start of the pandemic; they’re now close to an average of £1,000 a month. Renters are now paying £62 a month more than at the beginning of the pandemic, according to Zoopla's Rental Market Report.** If you’re a landlord with a property to rent, it’s worth getting a fresh valuation this spring to see how much you could charge for your property. It’s free and takes less than 60-seconds.

How much is my home worth?

*Rightmove House Price Index, March 2022
**www.zoopla.co.uk/discover/property-news/average-rents-hit-nearly-gbp1-000-per-month/