What does the supply-demand imbalance mean for you?

Inspiration :   24 - 09 - 21

Many vendors have benefited from the supply-demand imbalance which has created a competitive market across Farnham and the beautiful surrounding villages. According to recent reports 40% of UK properties are selling above their original asking price, making conditions optimal for sellers.*

 

What makes Farnham property market conditions optimal this autumn?

 

1) Low stock

Due to the pandemic, some people held off from selling their homes whilst the construction of new build properties came to a halt, causing a dip in housing stock.

This means that the homes currently on the market are being snapped up faster, with serious buyers putting offers in much sooner than they otherwise might have done.

 

2) Increased demand

With UK restrictions easing, buyers are now competing for properties, with 36% of homes attracting offers from three or more buyers.*

Many who originally put off moving due to the pandemic are now looking to relocate, causing a huge increase in demand and sparking bidding wars between buyers.

 

3) Mortgage rates

With the number of available mortgages on the rise, lenders are competing to attract more customers with low-interest rates and low-deposit mortgages, giving buyers more choice than ever when it comes to choosing the correct financial option for them.

 

4) Decision in principle

Brokers are able to provide an indication of how much mortgage lenders may be willing to lend you. There is currently very high demand for properties across Farnham, so make sure you’re not pipped to the post and be ready to make an offer with L&C’s Mortgage Decision in Principle to back it up! Find out more here.

 

Do you require a helping hand to sell your home? Please contact our team today.

 

 

 

*Property Reporter and Which?