Are buyers returning to the housing market?

Spring is the season of new beginnings; it is no surprise that it can also be a popular time for people to decide to move home. Yet it has been a rocky road to the housing market over the last few months, and therefore, we know you will be grateful for a bit of insight. Thankfully, Zoopla have released their latest house price index, which may help you make decisions on when is best for you to buy or sell your home.

Buyers are returning

Over the last few weeks, we have seen buyers returning to the market and plenty of new sales are being agreed in Winchester, which is wonderful news. This reflects what is happening nationally: that is, seeing the demand for homes at the highest level since the fallout from the mini-budget last October. Overall, the housing market is doing better than the doom and gloom predicted for this year.

Choice has been a big issue for buyers over the last year, with the number of properties on the market being low. According to Zoopla, ‘There are now 65% more homes available for sale than there was this time last year.’ More homes means that buyers have more options, buyers are looking for value for money due to reduced buying power caused by the current mortgage rates but overall, the situation is looking positive as we head into Spring.

Sales market

If you have been following the local property market, you may have seen yourself that homes are moving and there are plenty of SOLD boards scattered around the city. What is important in this market is ensuring that your home is priced to match what buyers are prepared to pay.

One thing you must bear in mind is the time it is taking for a home to sell. Zoopla state that ‘from being first listed to going under offer – the average home is now taking 15 days longer to sell than in spring 2022, when we were in a red-hot housing market.’

Second-steppers

When it comes to the proportion of homes across the UK that are selling, there has been a clear shift to the cheapest 40% of the market, state Zoopla, with this sector of the market agreeing 5% more sales. What this data shows us is that those homeowners who are looking to upsize are in a favourable position due to more choice of potential new homes.

First time buyers

The rental market has also had its part to play with the current housing market trends; Zoopla’s research shows that the ‘rapid 11% rise in rental rates in the last year is continuing to support demand from first time buyers, who accounted for 1 in 3 sales last year.’

Are you looking to move?

If you are looking to move to Winchester, whether you’re a first-time buyer, second-stepper or seller, we are here to provide you with clear and constructive advice to help you make the right decision. Give our team a call today on 01962 866644.