Traditionally, the Spring market has been considered the best time of year to sell your home. These normal cycles went out the window over the past 2 years under the shadow of the Coronavirus Pandemic, however according to Rightmove, all of the signs are there that Spring 2022 is going to be a busy one for the property sales market and for Edinburgh Estate Agents. House prices continue to rise and there is currently the biggest mismatch between buyer demand and seller supply ever measured by Rightmove, with more than twice as many buyers as sellers.
UK average house prices reach record high
Average house prices across the UK have reached record highs up to an average of £354,564. Scotland’s average is up to £178,461 while Edinburgh’s average sale price has risen to £286,617. The average UK monthly increase in house prices of 2.2% is the biggest rise seen at this time since March 2004. Family homes are still leading the charge with selling prices for 4 bedroom properties experiencing a monthly jump of 3.8%. Putting current activity into perspective, the number of sales being agreed across the UK is 11% higher than the same period in 2019, in a more ‘normal’ market before the Pandemic.
Why sell your home this Spring?
- Make the most of these record high selling prices to maximise the price you’ll achieve for your home
- The imbalance between high buyer demand and low available homes coming onto the market is the greatest Rightmove have ever seen for the start of the Spring period, meaning the chances of having multiple offers for your home is strong
- The number of homes going ‘under offer’ within the first week is also at an all-time high for this time of year
- While selling in the current market means you’ll likely also have to buy in such a competitive market, having a buyer for your own property puts you in a much more powerful position when making offers and so will be in a stronger position to beat the competition or to negotiate the best price
What will happen for the rest of 2022?
We expect that this strong market will continue well into 2022 however a lot of economic forces are likely to combine later in the year to help balance out the current supply-demand imbalance and cool the market down. Interest rates have recently risen, with more increases expected resulting in increased mortgage rates while further cost of living increases, including spiraling fuel costs, will affect buyer affordability.
Are you looking to sell this Spring?
If you’re looking for an Edinburgh estate agent to look after you and your property sale just get in touch with our estate agency team at [email protected] or call us on 0131 221 8289. If you’d like to know how much your property is worth you can carry out a free, instant online valuation by clicking here.