What will happen to Property Prices this Spring?
Spring represents new beginnings, regrowth and rejuvenation, now there’s nothing that screams a ‘fresh start’ like moving home is there? Traditionally, the Spring is a very popular time to list your property for sale. But before you jump to conclusions, it is always good to do a little research on the current property market activity. And if researching the market is on your to-do list, then you have certainly come to the right place. Within this blog, we will be answering the burning question that’s on everyone’s minds: ‘what will happen to property prices this season’?
Now, various members of The Guild of Property Professionals have offered their views on property prices this Spring, many agents such as Keats Estate Agents, Haslemere, Barbers Estate Agents, Shropshire and Whites Estate Agents in Salisbury have stated that they expect property prices to remain high throughout the season. The majority of estate agents around the country agreed that as the demand continues to outstrip the supply of property, the buyers become hungrier for property, so much so that many are often prepared to pay significantly in excess of the asking price to secure their deal.
Dan Henry from Bensons stated that despite the Global challenges they remain “confident that the local property market continues to recover post Covid, and high levels of confidence continue to prevail within the marketplace.” So even since the stamp duty holiday in 2021, which created an immense increase within market activity, trends still seem to be moving upwards. Whites Estate Agents in Salisbury stated that property prices will continue to rise this year, he suspects by “around another 10%.”
So what to do next? Well, Norman F Brown in Bedale Agent suggests that “if buyers are seriously in the market they should buy sooner, if possible, rather than later, to take advantage of lower interest rates making their mortgages cheaper and more affordable.”
So with the current trend of supply and demand in favour with the seller, will we ever see a change? Well, both Millbank Estate Agents, and Wilkinson Grant & Co, stated that they are seeing stock levels slowly increasing as the wave of new home movers enter the market.
So what do FSS think will happen in our market area? When people say history repeats itself, they are most definitely not wrong. Since the end of the second world war, the overall trend for house prices, has been upwards. During that period, there have been peaks and troughs, and there will undoubtedly be a correction at some point, but we are not predicting this in the short to medium term. And in a rising market, there is no better time to buy!
Check out the current properties we have for sale here: https://www.fssproperty.co.uk/search/?showstc=on&instruction_type=Sale&department=Residential