Whilst experts feared that the housing market would decline and house prices would fall during the pandemic, we actually saw the opposite effect. In summer 2021, demand soared as buyers took advantage of the stamp duty holiday, with demand peaking around the deadline dates.
Now this holiday has ended, and the cost-of-living crisis worsens, the property market is expected to stabilise.
Over the past year, the housing market has become very volatile as property demand rocketed in response to the government cutting stamp duty.
This caused mismatch between demand and supply, with demand for property that far exceeded the supply, so competition between buyers was fierce.
Whilst high demand has advantages for sellers, with properties selling in an average of 36 days , and 80% selling for their asking price or above, it has meant that nine out of 10 house hunters have been affected by supply shortages*.
However, the good news is that after months of low stock, there are signs that supply is beginning to rise.
Whilst demand remains high and interest rates are low, now could be the perfect time to sell your property.
*According to Savills