Agents report the sales to stock ratios across the South West and Wales are at a record high (RICS). Across the West of England and South Wales the annual rate of housing stock turnover is 3.2%.
Price growth strengthens
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across the South West and Wales is substantially stronger than the 2.5% and 4.5% respectively recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in eleven local areas across the West of England and South Wales region.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property is 43 days in the South West, 49 days in Wales. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
Take advantage of the seller’s market this summer by contacting our experienced team on 01446 700222.