Buyers tempted by market stability, are you ready to sell?

Stability in housing market tempts buyers while homes sell at pre-pandemic pace with first-time buyers leading the price recovery

The number of sales agreed is now on a par with the same period in 2019 says Rightmove’s latest research. Agreed sales volumes are now just 1% behind March 2019 with the strength of the improvement since the start of the year defying the expectations of many.

The average price of property coming to market rises by just 0.2% (+£890) this month, lower than the average of 1.2% at this time of year, as new sellers heed agents’ advice to price cautiously and tempt spring buyers.

Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available. However, the research  shows that those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling 12days more quickly than at this time in 2019.

Despite the economic headwinds, first-time-buyer type properties hit a new record price of £224,963 this month. The first-time-buyer sector leads this recovery, with agreed sales now 4% higher than in March 2019. Faced with record rents, buying is still compelling for those first-time buyers who are able to clear the mortgage and deposit hurdles. The average first-time-buyer mortgage rate for a 5-year fixed, 15% deposit mortgage has now fallen to 4.46%, with the lowest rate for this mortgage type currently at 4.19%

Request a free valuation today and get your move underway.

Arins - selling homes in Wokingham, Lower Earley, Tilehurst, Reading and Winnersh since 2009.

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