This month, the Halifax has reported that UK house prices have risen at the fastest rate in 15 years, with the average price now standing at £278,123. Chris Pick, Business Development Manager and Valuer at Alasdair Morrison & Partners concurs with their findings, noting that house prices have also been rising steadily in Southwell and the surrounding areas, despite the pandemic.
Chris and his team have seen the number of qualified buyers waiting for property rise significantly over the last few months. Due to a severe lack of stock coming onto the market, buyers are now fuelling the rental market instead while they wait for their dream home.
One added benefit of buyers waiting patiently in rented property is that sellers gain several months to also find their dream home. And this added flexibility in the house selling process is starting to encourage sellers back to the market.
Chris notes that for anyone toying with the idea of selling, this would appear to be the perfect time to take advantage of both rising prices and buyers in a position to make strong offers.
He is finding that ‘power buyers’, who have sold, are in rented accommodation and are cash rich, are therefore poised to make offers on properties that are classed as ‘off market’ and have only just received a valuation.
So, sellers who might be waiting to see their next home appear on the internet, in the paper or in an estate agent’s window are missing out on properties which are sold ‘off market’ before anyone else get to see them by these new ‘power buyers’.
Chris’ recommendation is if you’re thinking of selling, or had a property valuation carried out over a year ago, then do not delay any further. Contact the team at Alasdair Morrison & Partners on 01636 813971 to arrange your free, no-obligation market appraisal and let us get you moving in 2022.
