Are you thinking of selling your Torbay home? Then let’s look at two trends that have dominated the market over the past year and see what they mean for you.
Demand is strong
Many people predicted that the robust demand seen in early 2021 would fizzle out when the Stamp Duty holiday ended – but they were wrong!
2022 kicked off with a bang. Over the New Year period, UK housing demand rose by 49% compared to the same period in the previous three years* and asking prices were up in January.
Pressure on stock
Running parallel to this strong demand has been a shortage in housing stock (in other words, there are not enough properties on the market to meet buyer demand).
In December 2021, there were 24 buyers for every available property.** One of the reasons for this pressure on stock is that people are staying put in properties for longer. We assume society is more transient these days, but housing sales figures don’t bear this out.
In 2008, people who sold their home had, on average, owned it for ten years. By 2021, that figure had jumped to 14 years.***
Many people appear to be opting to extend an existing property instead of trading upwards, which partly explains this trend.
Implications for sellers
With demand high and stock levels low, sellers are in the driver’s seat. However, if you’re planning to sell and then buy another property, it’s not quite so simple.
While you’ll be in a prime position to sell your current home, you’ll need a clear plan of action to secure your next property.
Many people start by looking for a suitable property to purchase before preparing their own home for sale. But given the market is so competitive right now, it’s worth doing things the other way round and getting your property on the market first.
That way, when you do find your dream home, you can move quickly. Sellers are much more likely to look favourably on your offer if you can show you’re ready to go (they won’t want to wait around for you to get your act together).
You don’t want to be outmanoeuvred by someone who can move more quickly than you.
For more information about the Torbay property market, get in touch with us here at Ridgewater.
* Source: Zoopla. This period takes in four weeks leading up to 16 January 2022.
** Source: Propertymark.