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Hot weather, Hot property market…

  • The UK has dealt with historic temperatures this week, and although the scorching heat of the housing market is showing some signs of moderating as month-on-month price rises soften, it remains sunny for those looking to buy and sell.
  • Rightmove report that buyer demand, while down year on year, is 26% stronger than in pre-pandemic June 2019, with the volume of new sellers to the market up 13% compared to this time last year. At 47, average stock levels per agent have improved since the start of the year.
  • With the volume of new instructions still failing to keep track with demand, properties continue to sell (SSTC) in just 32 days. This is 6 days faster than a year ago, and over three weeks quicker than the pre-pandemic June average.
  • The cost of living crisis is likely to dampen the market over the second half of 2022, but a net balance of agents still anticipate price growth over the next 12 months (RICS).Source: Dataloft, DLUHC, Land Registry

I am delighted and grateful for the sunny weather. We have been experiencing record temperatures and personally, I’m loving it! Good weather brings out highly motivated prospective buyers, generally, apart from the odd few that cancel to go and enjoy the sun at the local pub or park, but who can blame them?

We have recently seen a good uplift in prospective purchasers and have been experiencing increased property supply which has meant very busy open days and some brilliant offers, in excess of the asking price, achieved for our vendors. Comparing last year’s market to now, we have most certainly seen more vendors willing to explore the market and see what their options are; whether that be up/or downsizing or moving down to the coast This has resulted in more opportunities for first-time buyers to buy their first home.

The demand for housing, especially in developing areas such as Wallington, where buyers seek capital growth will continue in my opinion. With interest rates continually increasing, we may see a slight dip in viewing activity but there will still be a section of the market that just wants to get on and buy, those will be the buyers that secure themselves a brilliant property.

I believe the effects of Covid are still making existing homeowners and first-time buyers seek homes with outside space and I expect this trend to continue into the future and shape the way buyers purchase and grow into their new homes  If you are thinking of renting or selling your home, please feel to contact the sales or lettings team on 0330 043 0002

Matthew KeddoTruuli Property Expert

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