A recent Zoopla reports shows that demand for homes continues to rise. This is very positive for the property sector. There has been strong buyer demand from the start of 2021, leading to one of the busiest sales markets in years.
The value of homes sold subject to contract in the first 3 months of the year is almost double that in 2019 and 2020.
Since March, demand jumped again, to levels like those last seen in the wake of the first lockdown last summer. Buyer demand in w/c April 5th was +118% compared to the 2017/2019 average for the same period.
Family homes continue to be in high demand as homeowners continue to look for 'more space' in their homes due to homeworking.
It is anticipated that buyer demand is likely to continue to ease as more parts of the country emerge from lockdown, but given the myriad factors boosting the appeal of moving listed above, buyer appetite will remain above average levels for this time of year through Q2.
The high demand and consumer confidence are reflected in the stats collated by Dataloft, PwC, Royal Institute of Chartered Surveyors.
These show that the PwC consumer confidence index is at its highest level since the index started in 2008. The first quarter of 2021 marks the first time the index has been in positive territory since pre-pandemic.
The index stands at +8, higher than the previous record of +5 in December 2015 and 34 points higher than at the start of the pandemic.
The Dataloft Demand Index, monitoring hits on agents' local housing insight page, suggests that housing market demand is up 147% on last year.
The RICS March survey also reflects improved housing market sentiment, with indicators on sales enquiries, agreed sales and new instructions, all improving noticeably, as well as tenant demand.
For the rental market, rents continue to increase and tenant demand continues to soar. East Midlands rents are currently up 7.5% on Q1 2020.
If you plan to invest in property in Nottingham or Mansfield and would like some further information about the local property market, please contact us by calling 0115 704 3163 or 01623 277115. Alternatively, you can email us at email@example.com