Yes it is a good time to sell your home.
Well, that was a short and sweet article, wasn’t it!
Joking aside, let’s take a look at why, if you’re thinking of selling, now is a great time to do so.
Buyer demand is outstripping supply at the fastest rate in a decade
This claim is made by property portal, Rightmove, whose data shows that the number of potential buyers enquiring about each property on the market is up 34% compared to the same time period last year.
But why are so many people looking to move house now, when there’s a global pandemic on? There are a few factors this can be attributed to.
The Stamp Duty holiday extension
In the Chancellor’s spring budget, he confirmed that the end of the stamp duty holiday would be extended. Previously in many areas there have been challenges with searches and conveyancing that left some buyers thinking they might miss out. The confirmation of the extension, and then the continuation of it in a tiered format, is enough to give buyers now confidence that if they buy now, they are still in with a chance of making a big saving on their purchase.
The introduction of 95% LTV mortgage guarantee scheme
This scheme has made it possible for those who don’t have a sizable deposit saved for a property to think about getting on the property ladder, increasing the number of potential buyers – it’s not just limited to those who are purchasing for the first time, either.
The easing of lockdown restrictions
With the arrival of spring, slightly warmer temperatures, and some good figures being shown from the rollout of the UK’s Covid-19 vaccine programme, there seems to be a more general sense of optimism as we head into the plan to ease lockdown measures. With a significant aspect of the measures being that people will soon be able to spend time with friends and family outdoors in private gardens, for some buyers outdoor space has become a priority.
So is it a good time to sell your home in West London specifically?
If we have a look at this graph from Rightmove, it shows how many people have clicked through on property details in West London, comparable to the same time period last year. If we look at the most recent data, property detail views are actually 58% higher than they were at the same time last year, and that’s 24% more than the national average we mentioned at the beginning of this article – phew!
There we have it, it really is a seller’s market, and we have the figures to prove it.
With many businesses committing to maintain home and flexible working even when the pandemic is over, in our area we’re seeing a lot of people moving from Central London to West London, to get more for their money in terms of property size, garden space, and the proximity to green spaces.
We wrote this post last summer, about some of the green spaces in and around Ealing we’re super lucky to enjoy. From Ealing Common to Pitshanger and Osterley Parks – who wouldn’t want to move here and make the most of their lunch breaks when working from home?
If you are seriously thinking of selling your property, we can’t recommend taking advantage of the current market enough.
Thinking of selling your home?
Head to our valuation page, where you can use our online valuation tool to get a ball park figure, or even book in for a member of the team to give you a video valuation.