Stepping in to spring

Spring is traditionally a busy time in the property market. A lot of people feel it’s a good time to put their home on the market with the plan of moving in summer and for the start of a new school year.

This year spring looks set to be busier than ever as the traditionally busy market coincides with the UK easing out of lockdown. As we enter spring the average UK house price is currently sitting at £232,134 which is up 6% on March last year.

All agents are also expecting a busy spring, especially compared to last year where hardly any transactions made it through in April and May. Unsurprisingly transactions are now 49% higher than last year. This increase also reflects a surge in sales agreed towards the end of last year and the rush to attempt to beat the SDLT holiday.

House price growth did however slow in March this year by -0.2%, which does indicate a lowering of demand ahead of the original stamp duty holiday. Monthly mortgage approvals also slowed in February and were down 11%.

However, as lockdown starts to ease in England over the next few weeks we’re expecting to see an increase in properties on the market as sellers, and buyers, become more confident and comfortable around viewings.

If you’re looking to sell this spring then contact your local branch to find out how they can provide you with an accurate estimate of how much your property could be worth.

Sources: Dataloft, Nationwide, HMRC, Bank of England, Zoopla

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