The UK property market has seen some interesting changes in recent years, with fluctuations in supply and demand. However, recent data suggests that the market is returning to normal, with properties selling faster than ever before.
According to a report by Rightmove, the average time taken to sell a property (from listing to sold subject to contract) is just 55 days, nearly two weeks faster than the last so-called 'normal' market of 2019, which saw properties take an average of 67 days to sell. This is great news for sellers, who can expect to see their properties sell quickly and efficiently.
Furthermore, the number of sales agreed in March 2023 is just 1% lower than in March 2019, indicating that the market is recovering well. Buyer demand is also up, with an 8% increase compared to 2019. This suggests that buyers are still eager to enter the property market.
Interestingly, smaller properties of two bedrooms or less are proving the most sought after at present. Sales agreed in this sector are up 4%, and demand is 11% higher than in 2019. This could be due to a number of factors, including a rise in remote working, which has led to more people seeking out smaller, more affordable properties that offer a better work-life balance.
In terms of location, properties are currently selling more quickly than the national average in the North East, West Midlands, Yorkshire and the Humber, and the South West, according to data from Dataloft and Rightmove. This suggests that these regions are experiencing a surge in demand and could be great places for sellers to target.
Overall, the data suggests that the UK property market is returning to a more normal state. With properties selling faster than ever before and buyer demand remaining strong, it's a great time for sellers to list their properties and for buyers to enter the market. However, as always, it's important to do your research and work with a trusted estate agent like Taylor Robinson who have been open in Crawley since 1991 to ensure that you get the best possible outcome for your individual circumstances.
