Surrey Property News

18th October 2021

Surrey Property News
With the autumn now underway we are starting to see signs of a more stabilised market with a slight increase in the number of homes available for the many eager buyers looking to secure a new home before Christmas.  As a consequence, the average price of property coming to market is still increasing on the previous month, but we would suggest that prices may soon start to level off.  

Rightmove recently reported in their House Price Index that buyer competition continues unabated, with buyer demand per property for sale more than double pre-pandemic levels.  This demand is prevalent amongst first-time buyers, who are keen to get a foot on the ladder utilising low-mortgage rates and Government incentives.  Second-steppers are also keen to make their next move, following the sale of their home.  It’s this latter group who are driving a very competitive market, as they have more bargaining power and less opportunities - we have seen a number of multi-bid/sealed-bid situations recently across all branches.  

In rental news, new stock again continues to be an issue.  During the pandemic some landlords utilised the Stamp Duty Holiday to capitalise on the equity in their properties and sold their investment properties.  This depleted the number of available homes to rent in a market which was already suffering.  That being said, we have taken a number of enquiries of late from landlords looking to bolster their portfolio once again.  We have also seen a few home owners, who are unable to find a buyer for their property and need to make their onward move, convert to a buy-to-let mortgage and rent out their home.  This enables the chain to be completed and buys the owner some time to consider their options, whilst earning an income.    

As autumn rolls into winter we anticipate the usual pre-Christmas push with a very busy few months ahead. As ever, if you have any questions or queries regarding the sale, purchase or rental of your home, we would be delighted to assist.  Contact your nearest branch for a no-obligation discussion.