January and February have been two of the busiest months we’ve seen, as people flock to the market with a renewed desire to move home in the spring. The market normally sees a rise in asking prices from January to February, but this month we’ve seen the biggest jump in more than 20 years, with the average price of homes coming to market in Britain rising by £7,785, hitting a record high of £348,804.
This rise in addition to the previous year’s increase has meant that average asking prices have risen by almost £40,000 since the pandemic hit in March 2020.
In our area, we have seen house prices rise in line with the rest of the country, so if you are looking to sell your property or move to the area, take some time to browse our properties for sale in Virginia Water and the surrounding areas. If you have any questions, you can also visit our award-winning website or call us on 01344 843000 and email us.
The cause of the price growth
In the wake of the pandemic, many people are still reconsidering their priorities when it comes to where they want to live. The latest wave of price growth has been caused by huge numbers of next-steppers moving on from their first homes into properties with more space and, with less pressure to live close to their place of work, traditional hotspots surrounding cities have spread.
It is very much a seller’s market at the moment. The supply of new homes to the market is being significantly outstripped by buyer demand making competition for properties extremely competitive.
With people worried that they will miss out on their ideal next home, vendors are rushing their properties to market in order to secure an offer so that they can be in a prime position to move quickly and decisively.
This pressure cooker environment is not sustainable and we are already seeing the first signs of the market easing. There are more properties coming to market compared to last year, giving buyers a fresh influx of new properties to consider. Hopefully, this will signal the end of a busy spring season and the start of a more traditional summer housing market.
What if you’re looking to move?
March is a very popular month for people to take action. Most people make the decision to move over Christmas, they then take a couple of months sprucing the house up and getting agent valuations. Generally, the weather improves in the UK in March, and getting good photography of your home is much easier with the lighter evenings and brighter days.
This makes it a great time to put your property on the market, but it also means that traditionally, the market is at its most competitive, so you could find yourself securing a buyer quickly and for a good price.
Get in Touch
If you are thinking of moving to the area or buying a property to rent, make sure you take a look at our amazing catalogue of properties for sale in Virginia Water and the surrounding areas.
If you’d like to speak to someone about properties to let in Virginia Water, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram, and LinkedIn.
