As the average age of first-time buyers continues to rise - the latest figures suggest…
Ever since the housing market re-opened in May, there has been considerable focus on what buyers are looking for. In this changed setting, vendors and agents are keen to understand what matters to buyers.
When you know what buyers look for in a property, it should be easier to connect with them.
Of course, with the stamp duty holiday in place, there is considerable activity in the housing market. We have helped many vendors in and around Melksham to connect with buyers. If you are looking to arrange a property valuation, we are here to assist you as best we can.
Also, we stay in touch with the latest market studies across the country. If you are keen to make an informed decision in the housing market, get in touch and we will be more than happy to assist you.
Agents say there is increased buyer interest in the market
It is always worthwhile to consider findings from the Royal Institution of Chartered Surveyors review of the market. 63% of respondents said there has been an increase in buyer interest in the most recent month.
Agreed sales increased for the third month in a row, and there was a net balance of 61% of contributors experiencing an increase in activity. Sales expectations remain positive, although in the longer-term, 12-month sales projections are more modest.
The RICS findings confirms the shift in buyer demand when it comes to desirable characteristics. Over 80% of respondents expect the demand for properties with a garden to continue rising in the next two years.
A similar rise for properties which are located near to open spaces is also expected.
RICS expects house prices to rise
The RICS survey also indicates there is an expectation house prices will rise. Expanding on this matter, the RICS website news release states; “The August survey feedback points to a sharp acceleration in house price inflation. At the national level, a net balance of +44% of respondents reported an increase in prices, the strongest reading since 2016. This is up from a net balance of +13% in July and marks a dramatic turnaround compared to the reading of -33% registered back in May. What’s more, virtually all parts of the UK are now seeing prices increase.”
Key takeaways from the August RICS report are as follows:
- National house price growth indicator hits a four-year high
- Enquiries, sales and new instructions all continue to rise
- 83% of respondents foresee demand increasing for homes with gardens / outside space over the next two years while 79% predict rising demand for those properties near green space
Simon Rubinsohn is RICS chief economist, and he said; “The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months. More of a concern is the pick-up in prices which could intensify issues around affordability in some parts of the country. Disaggregated data shows demand generally to run ahead of supply.”
Simon continued by saying; “Meanwhile the results provide a further pointer to more substantive changes taking place in household behaviour in the wake of the pandemic. Increased demand for properties with garden and near green spaces has if anything increased since we tested the water in May.”
If you are looking to make a move in the Melksham property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone Lock & Key on 01225 707 342 or why not come and visit us at 5 Church Street, Melksham.