Spring Housing Market Sees Buyer Choice Surge
Spring is just around the corner, and the housing market is gearing up for one of its busiest seasons. With more properties hitting the market and buyers starting to make their moves, there’s a noticeable shift in how people are buying and selling. House prices have edged up, but the real story is the increased choice available to buyers, the most we’ve seen in a decade.
What’s Happening to House Prices?
According to Rightmove, the average asking price for properties coming to market in February has risen by 0.5% (+£1,805), bringing the national average to £367,994. While this increase is slightly lower than the usual 0.8% rise, it’s still a positive sign for the housing market. For more detailed insights into what’s happening with house prices in your local area, check out Rightmove’s House Price Index.
Why are House Prices Rising at a Slower Pace?
The slower price growth can be attributed to two key factors:
- Stamp Duty Changes: Sellers are adjusting their pricing strategies in anticipation of upcoming stamp duty changes at the end of March. These changes could push some buyers into a higher stamp duty threshold, affecting their budgets.
- Increased Buyer Choice: The number of available homes has hit a 10-year high, giving buyers more options and leading to increased competition. As a result, sellers are being more strategic with their asking prices to attract serious buyers.
What Does This Mean for Sellers?
For sellers, the key takeaway is to be mindful of the current market conditions. With more homes available, buyers are more discerning and will expect properties to be priced competitively. If you’re thinking of selling, getting the price right is crucial to standing out.
At Rickman Properties, we specialise in helping you price your home accurately based on local expertise and current market trends in premium areas like Kensington, Chelsea, and South Kensington. Our team can guide you through the process of pricing your property to attract buyers while ensuring you maximise its value.
Housing Market Buyer Trends
Interestingly, first-time buyer properties have seen a slight decrease in asking prices (-0.1%), while larger “top-of-the-ladder” homes saw an increase of 0.6%. This signals a shift towards higher-value properties being more desirable, particularly in areas like Kensington and Chelsea, where demand remains strong.
For buyers, this increased choice is a great opportunity to explore a wider variety of properties. In Kensington, imagine finding your dream home by the world-renowned Kensington Gardens, or in Chelsea, discovering a property that aligns perfectly with your lifestyle and the vibrant shopping scene.
What’s Next for the Housing Market?
Looking ahead, while the changes in stamp duty and the potential for rising mortgage rates might cause some uncertainty, the overall market remains positive. Activity levels are higher than last year, and we expect a solid spring selling season.
Whether you’re buying or selling, staying informed about market shifts and changes in regulations is key. At Rickman Properties, we are here to guide you through this dynamic market with tailored advice and unparalleled local expertise.
Get Started Today
Contact us for a free market appraisal and let us help you navigate the Spring market. Don’t miss out on your opportunity to make the most of the upcoming selling season.
For more insights, be sure to check out our previous article – Spring into London’s Blooming Property Market.
