According to the recent reports from Rightmove, asking prices in the UK have fallen for first time in 2021 following a continued period of price rises. There was a drop of just over £1,000 from the average asking price of a home here in the UK.
Although this can seem alarming to those who are looking to sell and maximise the value of their property, analysis from Rightmove shows that the average asking price has only fallen for larger homes, typically those with five or more bedrooms as well as four-bedroom detached houses.
Those looking to buy and sell this type of property have been impacted the most by the recent LBTT/Stamp Duty savings. In addition, as we approached the summer and saw restrictions ease off with a promise of normality returning (with many people still taking a holiday albeit closer to home), they were put off moving home and we saw the typical August quietening of the market.
Across the rest of the property market, first time buyers and second-steppers are seeing the average asking prices of houses and flats with one or two bedrooms, and houses with two, three or four bedrooms reaching record highs again this month, as buyer demand shows no sign of abating. These movers weren’t moving to take advantage of the stamp duty (LBTT) holiday and instead the market was correcting itself following a period of inactivity whereby movers were putting their plans on hold due to the restrictions.
Rightmove predicts that, given there are a record number of people still looking to move, the autumn will see a buoyant housing market with more sellers listing properties for sale and strong demand pushing asking prices further upwards. With high buyer demand, the number of properties for sale is still currently very low and properties are selling at the fastest pace ever – within an average of 36 days and the fastest selling time here in Glasgow.
However, the number of properties for sale is still at a record low, with buyer demand hoovering up new supply. We’re seeing more properties selling, and quickly.
For those wanting to take advantage of strong selling prices and complete on a new property in time for Christmas, the advice is to sell now. For those looking to buy a home or rental property, you could be facing strong competition so make sure you have everything you need to proceed with a purchase.