Over the last two years, consistently increasing prices have made it a great time to sell a property as buyers have continually searched for new properties in large numbers. According to Nationwide, the average UK home is now worth £254,822, thousands more than last year.* But, will this upward trend continue? The early signs are certainly promising – recent reports show that demand remains strong. The number of buyers went up 12% in the last quarter whilst the number of properties available to buy fell to its lowest ever level. This means if you start your move today, you have a high chance of selling your home quickly, for a great price.
Properties in your area are in high demand
Almost every region of the UK has seen growth in demand at some point over the last year but some areas in particular have seen a record-level rise in prices; the West Midlands, the South West and East Yorkshire are all extremely popular*^. If you live in one of these areas this is an excellent opportunity to find lots of potential buyers for your home.
Get a cheaper mortgage whilst you can
Currently, there are great rates available to buyers but it’s unclear how long this could last. Inflation is set to be a dominant factor this year. The Bank of England increased the base rate to 0.25% late last year and experts say that if they continue down this path the cost of borrowing will almost certainly result in higher mortgage costs.^
According to Toby Phillips, Divisional Managing Director at Countrywide, the cost of buying is likely to increase later in the year. “Mortgage rates are currently still low, despite small rises in interest rates. But, with rates likely to increase further, potential homebuyers may find it more expensive to borrow later and mortgage deals may become much less favourable. If you’re planning a move soon, don’t delay, act now!”
Green mortgages allow you to earn money back
One of the most exciting developments of 2021 was the growing popularity of green mortgages, a trend which looks set to become even more widespread. If you’re unfamiliar, a green mortgage provides lower rates on properties that have an A or B Energy Performance Certificate rating. Plus, they include cash back incentives when you make energy-efficient improvements to your home.
Renovations are getting more expensive
If your plan is to renovate and sell later, it might be worth reconsidering your options. In recent months, a short supply of construction materials has led to a huge hike in prices for building work – up to 24.5% on the previous year, according to the Department for Business, Energy and Industrial Strategy (BEIS).^^ This has affected a range of vital supplies including tiles, steel, timber and bricks. This could be an ongoing issue for the foreseeable future as the prices could continue to rise each month. So, if you’re thinking of putting off selling in favour of renovating first, it might not be worth your while. See how much you could get for your property in its current state as it might be more valuable than you think.
If you’re considering selling, why not try our free valuation service today. All we need is your address and 60-seconds of your time to reveal the potential value of your home.