February market snapshot
The first week in February versus 2020 sees Rightmove visits up 45%. Buyer demand was ahead of the same period last year throughout January and is even stronger in all key metrics for the first week in February compared to a year ago.
Despite the very minimal chance of benefitting from the stamp duty savings, the number of purchases agreed is currently up by 7%. The pipeline for future sales is looking even stronger, with the number of prospective buyers sending enquiries to estate agents up by 18%. This high buyer demand is outstripping new supply and helping to edge up prices despite the challenging economic backdrop.
The number of new sellers coming to market is 21% down over the last four weeks when compared with the prior year. Worst affected are the sectors one might expect to be juggling home-schooling responsibilities alongside daily life, which appear to be delaying some owners of family homes from coming to market. The ‘second-stepper’ and ‘top of the ladder’ sectors with three bedrooms or more see 25% fewer new listings between them. In contrast, properties with two bedrooms or fewer are only down by 16%.
Given the expected loss of market momentum with the impending end of the tax holidays, Rightmove’s whole-of-market view shows some surprisingly buoyant data. After three consecutive monthly falls, the average price of property coming to market has risen by 0.5% (+£1,522) this month. This is being fuelled by both a shortage of supply with fewer new sellers coming to market and increased demand, with all indicators of buyer activity being ahead of the same period last year. This new buyer demand surge is building momentum, and as it is now far too late to realistically complete a new purchase before the stamp duty holiday ends on the 31st March, it would appear that many buyers’ desires to move are not dependent on the potential saving.
Our offices can certainly concur, interest in both selling and buying is high with large numbers of booked market appraisals for homes of all types across the whole of the city. With our current record-breaking conversion rates, we expect a consistent level of new instructions of property for sale in the coming weeks. Demand does, however, appear to outstrip supply in all of the BS postcodes covered by our network of offices.
To discuss your local property market, advice on selling and buying in Bristol contact your nearest Ocean, we'll be happy to discuss...
Mon 15 Feb 2021