The recent surge of home buyer activity has left the current housing market with the bare bones of properties. This lack of available properties is driving the prices of those homes available for sale further up.
The market has absolutely shifted to a sellers market as owners find themselves in a unique position with more people demanding to buy homes than the relative handful of homes even available on the market can offer.
The owners of the small handful of properties currently for sale are in the great position of being able to ask well above property values due to the high demand of house buyers.
- A new record for home valuations has been set, with a 1.1% increase from the previous month. The increase and record high is down to increases in demand, with a volume of sales approximating 2007 levels.
- Although elections tend to cool the housing market given the uncertainty of the political climate, the strong sales figures currently should ease potential concerns.
- Increases in sales volumes have been driven primarily by first time home buyers, for homes with two bedrooms or less.
"There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007. It remains to be seen what effect the run-up to the snap election will have, though any slowdown in activity will be counter-balanced by the market’s current fast pace” says Miles Shipside, Rightmove director and housing market analyst."