Properties Flying Off The Shelves
29th June 2021 posted in Sellers Buyers
While there is a backlog in completing property deals, there is no denying property is flying off the shelves right now. This is something we have seen at Hunters Forest Hill, and it is also something evident in the latest studies.
Information provided by Dataloft states:
- Newly listed properties are flying off the shelves. The majority (78%) of agents in the latest Dataloft subscriber poll said that homes, once listed, are selling in less than 28 days.
- 22% of agents state the majority of homes are selling in less than a week, Zoopla reporting the number of homes selling within the first week of marketing is currently at its highest ever level.
- At 45 days, the average time taken to sell a property across the UK in April is a record low (Rightmove) and is 16 days quicker than the April average of 62 days (2015–2019).
- Properties are currently selling quickest across Yorkshire and the Humber and North West, areas where property price growth is currently exceeding the national average. Homes in London are taking the longest, an average of 57 days.
Source: Dataloft Inform poll of agents, refers to time taken from property listing to under offer.
According to Rightmove, as of June 2021, the Forest Hill housing market can be described as follows:
“Properties in Forest Hill had an overall average price of £572,180 over the last year.
The majority of sales in Forest Hill during the last year were flats, selling for an average price of £401,442. Terraced properties sold for an average of £687,611, with semi-detached properties fetching £982,955.
Overall, sold prices in Forest Hill over the last year were 10% up on the previous year and 5% up on the 2017 peak of £545,838.”
13 properties were added or updated to Rightmove for Forest Hill on 1st June or by 3pm on 2nd June. This is a lot of activity, but when you see how quickly properties are moving, this shouldn’t be a surprise.
There is no denying demand outstrips supply. There have even been findings of more homes selling above the asking price. In information provided by NAEA Propertymark, the number of properties selling over and above the asking price reached an all-time high during April 2021.
- 32% of properties sold for more than their asking price in April 2021.
- This is the highest percentage of properties sold for more than their asking price
- This figure is double the level of March 2021, where 16% of properties sold for more than their asking price
- The previous highest figure for homes selling above their asking price was 19%, and this occurred in May 2013
Mark Hayward, Chief Policy Advisor, Propertymark comments: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices. We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower-income buyers, although the Governments First Homes initiative will be a much-needed boost.”
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.