Homes Selling Quickly In Spring of 2022
At Atkinsons Residential, we help homeowners sell their home.
We know people want to sell their home quickly, but it is also important to sell your home in the right manner. Thankfully, at the moment, many homes are selling fast, and in good style.
If you are looking for assistance in the local property market, we are the Enfield estate agents you can trust.
Fast sales are on the cards
In February 2022, 61% of properties were sold subject to contract in the first 30 days. In February 2021, only 43% of properties were sold in this manner. This is according to OnTheMarket, a property portal in the United Kingdom.
Jason Tebb, chief executive officer of OnTheMarket, said: “This faster-paced market doesn't offer much opportunity for taking your time to come to a decision. With competition for available stock strong, buyers who aren't organised and prepared to be decisive face missing out.”
The UK region where property moved quickest was Scotland, with 75% of homes being sold subject to contract within 30 days of initially being listed for sale.
The UK region where the least property sold within 30 days was Greater London, with 48% of homes being sold subject to contract.
London also saw 22% of properties taking 120 days or longer to sell.
How is the Enfield housing market faring?
Of course, the London market is a huge industry in itself, and it is wrong to look at it as a whole.
We know the Enfield market very well, and we believe it offers greater value for money than many areas of London. We are in a position where we know the local market well, and things are moving quickly here.
So, just because the overall London market looks a bit grim compared to other parts of the UK, this doesn’t mean that every part of London is suffering in this manner.
According to Rightmove, the Enfield market is faring as follows;
“Properties in Enfield had an overall average price of £532,023 over the last year.
The majority of sales in Enfield during the last year were terraced properties, selling for an average price of £496,437. Flats sold for an average of £333,528, with semi-detached properties fetching £682,300.
Overall, sold prices in Enfield over the last year were 4% up on the previous year and 11% up on the 2019 peak of £479,945.”
Confidence remains strong for buyers
OnTheMarket also spoke with property buyers about how they feel about buying a home. The double-impact of rising mortgage rates and the cost of living becoming more expensive, could affect buyers. However, findings suggest there is still confidence amongst property buyers.
- 75% of property buyers were confident of buying a home within three months
- 82% of vendors were confident of selling their house within three months
There is heightened demand for property in the housing market. This is not a new phenomenon but information provided by the latest RICS Residential Market Survey suggests more new buyers are coming to the market.
Positively, the most recent report also suggests there has been an increase in the number of homes listed for sale.
Simon Rubinsohn, RICs chief economist, said: “Huge clouds of uncertainty hang over the economic prospects as energy prices continue to surge and the Bank of England grapples with how to manage monetary policy in this challenging environment. Despite all of this, there is little evidence yet that the mood music regarding the expectations for house prices or rents is shifting. It may well be that these trends ease as the deteriorating macro environment begins to bite, but the message that keeps recurring, both for sales and lettings, is there are in aggregate many more prospective purchasers and renters than properties available.”
Contact Atkinsons Residential for any move in and around Enfield
If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinsons Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.