This Is A Sellers’ Market – Are You Ready?

According to the latest information provided by Rightmove, 68% of properties across Great Britain have found a buyer in the current housing market. In 2012, this figure was 41%, and the current figure is the highest percentage recorded in the past decade.

According to the latest information provided by Rightmove, 68% of properties across Great Britain have found a buyer in the current housing market. In 2012, this figure was 41%, and the current figure is the highest percentage recorded in the past decade.

Rightmove studied information from 13 million listings, and of course, Rightmove is recognised as the leading property portal in the UK.

Of course, the London housing market is more challenging than many others, and only 48% of London properties found a buyer between 2021 and early 2020. On average for this period, 53% of properties found a buyer. The remaining 47% properties were either withdrawn from sale or they remained on the market.

Scotland was the leading area of the nations, where 89% of properties sold, with Yorkshire & The Humber reaching 77% of properties sold.

Some areas of London are struggling for sales

Breaking down the London market into greater detail, some areas struggled to bring buyers and vendors together.

Westminster saw 22% of properties sold, Kensington & Chelsea experienced a 25% level of sales and in Camden, 28% of properties were sold. It is fair to say these areas are often viewed at the higher end of the housing market, and there are many options to consider in the capital.

According to Rightmove at the start of August, the Archway housing market can be described as;

“Properties in Archway had an overall average price of £702,955 over the last year.

The majority of sales in Archway during the last year were flats, selling for an average price of £509,201. Terraced properties sold for an average of £1,082,040, with semi-detached properties fetching £1,124,167.

Overall, sold prices in Archway over the last year were 11% up on the previous year and 12% up on the 2017 peak of £630,081.”

Archway is well-placed and well-priced in comparison with many parts of London

By contrast, the average price in Westminster was £1,138,581, and in Camden, the average price was £1,115,444. So, while house prices in Archway are greater than non-London and many London areas, they fall short of the capital regions which struggled to find buyers.

Tim Bannister, Director of Property Data at property website Rightmove, says: “There’s been a much greater chance of a seller finding a buyer over the past year, which really highlights the sheer number of people who have been determined to move. While the long-term average shows that typically around half of properties sell, the increase in 2021 reflects the frenzied buyer activity we’ve seen in the current market, driven by multiple factors such as pent-up demand and changing priorities.”

Tim continued by saying; “This efficiency in the market means agents are operating on limited stock, and they need more homes to satisfy all types of buyers. We’ve seen from previous research that Scotland often contains the most likely areas to find a buyer, and London the least, however, the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope, and the popularity of every area in Great Britain is increasing.”

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.