Strongest seller’s market in ten years
Nearly seven in ten properties up for sale (68%) across the UK found a buyer in the year to June 2021, according to Rightmove data1 – the highest percentage in a decade.
This is significantly higher than the average 53% of homes that found a buyer between 2012 and early 2020.
Scotland leads the way with 89% of homes finding a buyer, with London trailing behind on 48%. The next most successful area is Yorkshire & the Humber, with 77% of homes selling.
Buyer demand begins to tail off
Recent analysis of conveyancing quotes from comparison site reallymoving suggests that buyer demand is beginning to slow from its March peak, dropping by 13% between April and May and by a further 18% in June. This is likely to ease pressure on prices as we move further into the second half of the year.
Rob Houghton, CEO of reallymoving, commented, “With the influence of the Stamp Duty holiday now largely expired alongside early signs that buyer demand is returning to more normal levels, we can expect prices to follow suit and return to a more stable trajectory.”
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.