Although the property market is thriving and continues to show strong signs for the rest of the year, houses are selling three times faster than flats, as more people are searching for space! Whether you are moving from a 2 to a 3 bed property, or a 4/5 bed property with larger rooms, houses are the most sought after, with flats taking much longer to sell.
On average, it takes 42 days for a house to be sell after being listed compared to 62 days for a flat.
After existing buyers overtook first-time buyers in the lead for property purchases, the most type of homes currently being sold across the country are family homes, with demand for a typical family home rising by as much as 30% following the Stamp Duty Holiday extension!
House prices continue to show strong signs, with the average UK house price rising by 4.9%, with flats only seeing an increase of 1.9%.
With property prices increasing across the board, lead by existing homeowners, first-time buyers are looking to take advantage of the 95% government-backed mortgage, alongside new mortgage products aimed at them. First-Time buyers also benefit from the new Help-To-Buy Scheme, which allows them to buy a new build property with a smaller deposit.
Developers are also seeing a change in the properties they build. Before the lockdown, developers would have a mix of properties ranging from 2-5 beds, with some developments focusing on 4-5 bed homes. However, some developers, including Barratt Homes, are looking to build more 2-3 bed properties, including apartment blocks, in some of their developments directed at the changes in the property market.
After the several lockdowns we have faced, most existing homeowners are looking to buy an existing property to renovate to their ideal home. Often, these existing homes will cost less than a new build and offer more space both indoors and outdoors.
However, first-time buyers are younger buyers and want a property they can move into without any worries or the need to carry out any work. New properties come with warranties, and if you buy at the right time of the build, you might be able to choose some interior features such as the kitchen, bathroom and other finishing touches. This, coupled with the new Help-To-Buy Scheme, which is to be used for new build properties, has meant that property developers are evaluating their roadmap for future developments and are focusing on the first-time buyer market.
Leicester and the East Midlands continue to show vital signs in the property market, with property prices rising by more than 5% in the last 12 months.
Property prices are set to rise due to many people re-evaluating their living situation after several lockdowns. This, fuelled by the Stamp Duty Holiday extension, alongside the 95% government-backed mortgage and the lack of properties in the market, will continue to drive property prices upwards.
If you are looking to buy, sell or let your property, speak with one of our property professionals today by calling us on 0116 275 8888.
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