Rightmoves BUSIEST DAY EVER!
Is the property market about to explode??
Budget day was Rightmove’s busiest day ever with visits surpassing 9 million for the first time, and 6% higher than on summer statement day on 8th July last year.
The combination of the stamp duty extension and introduction of 5% mortgage scheme saw new buyers flock to contact estate agents, up 82% on the same day in 2020.
Powerful stats from Rightmove.co.uk and it raises the question… Are we about to see a boom in the property market???
I have worked in the industry for almost two decades and being a very analytical person I would like to think I have a good read on the markets. I have said for about 3 months now that last years market made a first time buyer market for 2021. This is what we are now seeing and as a result the foundations have been laid through the start of the year for a potential price boom. The 5% government unwritten mortgages and the cheap 90% loan to value mortgages on offer certainly mean first time buyers have the option to buy now and buy cheap. Cheap in terms of monthly costs, will often result in price increases.
(Last week I wrote this blog on why the price of a property doesn’t matter https://avocadoberkshire.co.uk/blog/why-the-price-of-a-house-doesnt-even-matter-for-a-buyer/29145)
So with banks offering cheap mortgage deals, stamp duty extended, 5% deposit options on offer, rental prices increasing and saving money in the bank worth nothing; is the property market about to explode?
Request a call back if you want to have a quick chinwag about the market with one of our partners. https://avocadoberkshire.co.uk/contact-us