Buyers and vendors should stay in touch with buyer demand, and Rightmove has provided some important news for vendors and buyers alike. The online property portal says they welcomed more than 152 million visits in January 2020, which they say is a 7.2% increase on the January 2019 figures.
There has been some talk about agents defecting to other online property portals, but Rightmove remains a vibrant part of the estate agent community.
There is increased buyer confidence in the market
Miles Shipside is the Rightmove director and housing market analyst, and he said; “There is a boom in buyer activity outstripping the rise in the number of new sellers, which we expect to lead to a series of new price records starting next month. The average price of newly-marketed property is just £40 below its all-time high from June 2018, with the typically busy spring market still to come.”
While there is confidence in the property market, buyers should be aware of heightened prices if they make a move this spring and summer. Shipside continued by saying; “This means that spring buyers are likely to be faced with the highest average asking prices ever seen in Britain. Buyers who had been hesitating and waiting for the greater political certainty following the election outcome may be paying a higher price, but they can now jump into the spring market with renewed confidence.”
Make an informed decision in the property market
It is vital vendors make an informed decision when it comes to pricing their market. While there is a greater level of buyer demand than there has been in recent times, this doesn’t mean that inflated prices will bring buyers to the property. Buyers are savvy, and they are looking for value for money. As a vendor, if you can justify the price you set for a home, you enhance your chances of connecting with buyers, which is of benefit in a competitive marketplace.
Shipside continued by saying; “Sellers should be careful not to get carried away with their pricing, as this is still a price-sensitive market with stretched buyer affordability. Those who over-price risk missing out on the window of increased activity that could run at least until we approach the next Brexit deadline at the end of the year. Now could be an excellent time to get on the market and sell, seizing the opportunity of achieving a quick sale at a decent price.”
At Spencer Harvey, we are pleased to say we have a considerable amount of experience dealing with buyers and vendors in and around Stockport. It is always best to make an informed decision in the market, and we are here to assist you.
With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html