Since the market reopened in early June with the industry adjusting to a new way of working, house prices have risen by 4.3% between June and August rebounding from the dip that we saw during the Q2 Coronavirus restrictions. On an annual basis asking prices are up 1%, however stock levels remain low – down 20% YoY – driven primarily by the Q2 lockdown.
We have seen huge demand, particularly in the lower to middle-range market, with first-time buyers very active.
The most important thing for any prospective buyer, especially in a fast-moving market, is loan approval. We constantly see people interested in buying, but not being ready financially. There is so much demand and limited supply, that by the time they even start the mortgage process, the house they want is sold to someone else. If I can advise any prospective purchaser anything about the house buying process, it is sort your finances before you start.
We are here to help if you need assistance. Best of luck!