According to a recent study from Rightmove, housing demand has increased by 32% in the last three weeks, compared to the same period last year, making this March one of the most competitive months in the property calendar for years, according to a recent study from Rightmove. *
House hunters in London will face “fierce bidding wars” in 2022, according to City A.M, as the capital’s housing market becomes hyper-competitive. More buyers will enter the market, resulting in a further lack of supply, which will further drive up house prices. **
The recent study suggests that, on average, March is the month with the largest number of buyers enquiring about each property, according to data accumulated by Rightmove over the last five years (excluding closed market periods). This means that buyer competition is at its peak in March, giving many sellers a great chance to sell their homes.
Currently, around three-quarters of all properties find a buyer, compared to a historical average of around half, and residences find buyers in an average of 39 days, compared to an average of 59 days, according to data over the last five years. Thus, making the current housing market prime for sellers. *
The number of new listings coming to the market is also at an all-time high in March, despite the month’s strong buyer demand. Based on buyer competition for each available property, April is the next best month to sell, with May following closely behind.
The amount of home-moving activity has continued to rise since the start of this year, as the spring spike gains traction.
When compared to the same time last year, the number of new listings coming to the market for sale has increased by 32%. According to Rightmove, the number of enquiries for property valuations from sellers has increased by 27% from the same time last year. *
Also, the desire for gardens is on the rise, with buyer searches for gardens up by 70% in January compared to the same month two years ago, as more people opt for outside space, as spring approaches.
What Features Are Buyers Looking for in a Property This Spring?
The desire for larger homes and access to gardens is a need that has dramatically increased post-pandemic, as people began to spend more time at home.
According to research by Rightmove, certain amenities are becoming more crucial to buyers and renters than ever before, according to their survey of 4,000 home movers. The desire for a larger garden (63%) and a larger home (43%) were the most important features to buyers. However, parking space (36%), and a more functional home office (36%), were also important features. ***
The pandemic has resulted in a deeper appreciation for outdoor space, with a lot of people using outdoor space to maintain their physical and mental health. The latest research from the Royal Institution of Chartered Surveyors (RICS) has released data that shows how crucial outdoor space is to buyers, post-pandemic.
Contributors to the RICS Residential Market Survey in May 2020 were asked for their thoughts on what buyers want in a home. Predictably, 81% of respondents across the UK believe that demand for residences with gardens or balconies will increase. Plus, 74% of people said that demand for homes near green spaces would increase. ****
With remote working becoming the new normal, people have been forced to adjust their living spaces to accommodate their work lives. If buyers have to work from home, they will need a good office set-up to be able to work efficiently and effectively.
Looking to sell this spring? Book a valuation with one of our expert local agents today.
*According to a New Rightmove Study.
** According to City A.M Market Analysis
*** According to a 2020 Rightmove Study.
**** According to the Royal Institution of Chartered Surveyors.