According to Rightmove’s latest house price index, sales agreed in a month are 20% over the previous high at a record total value exceeding £37 billion.
This is also in line with the highest number of properties on the market since the early part of 2008. Seven regions have also experienced record high’s for new sellers asking prices whereas London has fallen below the national average at a 0.2% fall. This has been incredibly positive news for those wanting to buy a property in Stockport.
All market sectors are seeing upwards growth for sales agreed with a 29% figure in the first-time buyer sector, with the second stepper coming in at 38% and top of the ladder coming in at 59%.
The latest number of sales weekly figures have risen by 60% compared to a year prior and, whilst that momentum is soaring, supply is also seeing amazing rates of climb. With this year’s figures from the house price index, properties coming to market have witnessed a 44% hike on the previous year, though variations are taken into consideration depending on region.
London has an impressive surge of 69% additional properties becoming available on the marketplace, with areas such as the South East and East regions raising 60% and 56%.
With the unusually busy summer season playing an interesting factor in the interests of people interested in changing their surroundings.
This also presents a lot of new challenges for estate agents Stockport who are moving ahead with great speed to meet the increase, as well as legal and lending sectors taking on a lot of capacity constraints. Some staff for these areas will still be experiencing the unexpected furlough period and many more working from home.
With some lenders limiting product ranges due to constraints in processing mortgages, patience has had to be a virtue.