A recent study from Rightmove has recorded the highest percentage of homes sold in Great Britain in the last decade. They analysed over 13 million properties tracking the sales journey from initial listing to being marked subject to contract and found 68% of properties found a buyer. This represents the highest percentage recorded over the last ten years rising from 41% in 2012.
On average 53% of properties over the period between 2012 and 2020 found a buyer. Scotland was way ahead with the analysis finding 89% of homes successfully found a buyer, compared to 48% in London at the other end of the scale. The highest performing English region was Yorkshire & Humber securing sales for 77% of their properties.
In our area of the South Lakes and Cumbria we’ve seen the same rush to buy. From our figures we’ve even beaten the 68% average score from the Rightmove study. In the last 12 months we have listed 993 properties and actually sold 950 after discounting fall throughs.
Having started the year with approximately 300 properties for sale, we’ve achieved a 74% conversion rate for properties in our region. Nearly a 9% increase on Rightmove’s average across the country.
As we’ve discussed in previous blogs the desire to move has been driven by multiple factors. A change in priorities highlighted in the pandemic, pent up demand, the stamp duty holiday and 95% mortgages for first time buyers have all fuelled the frenzied buyer activity we’ve seen over the last year.
This increase in demand means estate agents are operating on limited stock in some areas. We’ve seen our own waiting list lengthen across a range of property types as buyers widen their search to find their dream home.
The housing market shows no sign of slowing down with many regions, not just our own, gaining in popularity and seeing their average house price increase over the last 12 months.
If you are looking to sell your home, why not arrange a No Obligation market appraisal with one of our local experts. You can also enter your details into our free online valuation tool, for an immediate idea of what your property could be worth.