The price pressure on the UK’s housing market continues, as the average price of properties coming to market has increased by over £1,500 compared to last month.
According to the Rightmove House Price Index, whilst the window for claiming stamp duty tax reductions has effectively closed for new sales, prices still increased by 0.5 per cent compared to January’s figures.
The outlook for Merseyside’s local property market is even more positive; house prices have increased by 7 per cent over the last year to the current average of £125,506.
The reason for these increases in prices is a mix of buyer demand and lower seller supply. Buyer enquiries have increased by 18 per cent, whilst new seller numbers have reduced by 21 per cent compared to last year.
The former can be explained by the fact that many of the demands new buyers have of their next home, such as space for a home office, nearby areas to walk or exercise and seeing how far their money will go when their location isn’t as important as perhaps it was.
The latter, on the other hand, is a mix of other priorities and a lessened need to rush onto the market. With there being no chance of catching the stamp duty holiday, sellers can prioritise homeschooling, working from home and other activities.
With a whole family being in a house at all hours, it is much more difficult to prepare a house ready for viewings and marketing photographs.