Posted on: Thursday, June 24, 2021
2021 is set to be one of the busiest sales years in over a decade
Agents report the sales to stock ratio across the East of England is at a record high (RICS). At 3.7%, the annual rate of housing stock turnover across Hertfordshire, Bedfordshire and Cambridgeshire is above the UK average. The most active markets are currently Central Bedfordshire, Bedford and East Hertfordshire.
Price growth strengthens
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across the South East is substantially stronger than the 1.9% recorded this time a year ago (UKHPI). Annual price growth currently exceeds 8% in Hertsmere, Bedford and South Cambridgeshire.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in the Hertfordshire, Bedfordshire and Cambridgeshire region is 47 days. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
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