Demand for properties in the area is currently out stripping supply.
We can back up the suggestion by pointing to a recent announcement by Rightmove, which shows a nine percent rise in visits to their website. However, despite this apparent spike in interest, there has not been a rush to market from vendors, as yet.
Ian Bythell, Residential Property Director at Petty’s said “Early indications for 2018 are showing that there is currently an increased amount of search activity compared to what we would normally expect at this time of year, but despite this positive climate for vendors, we’re not seeing an increase in properties to market, at the moment.”
With little increase in fresh supply and an overall average of 40 per cent of properties on agents’ books already sold subject to contract, would-be buyers are seeing less choice and this in turn is fuelling localised price rises. The Rightmove announcement adds that average asking prices are up 0.7 per cent over the past month – an increase, albeit slight, to the 0.6 per cent figure recorded in January 2017.
Ian continued: “A lot of people assume that this time of year isn’t the right time to put their properties on the market and they wait until the Spring. But these figures show that by going to market now they could get ahead of the game with a first-mover advantage and possibly see an increase in their asking prices as well.”