As a gauge of buyer interest, Rightmove traffic has hit an all time high. The current level is 35% higher than the same time pre-pandemic and the highest in the history of the index. (Source: Google trends).
This rise in demand is having a noticeable impact with offers rolling in thick and fast. Properties that have been on the market for some time are now generating interest and many properties are receiving multiple bids.
With the high volume of listed property we are still seeing a number of buyers coming in with one offer and then not raising if there are similar properties available that they can also purchase, so we would advise vendors to consider all offers carefully, each on their own merit, and don't assume that buyers will raise from an initial offer.
We are definitely seeing more confidence from buyers and a general feeling of positivity as we start to come out of lockdown. Many buyers have been considering whether to move for over 2 years now. Many held off, waiting to see the effects of Brexit and then Covid hit, so there is definitely a feeling from frustrated buyers who don’t want to wait any longer.
Solicitors are still overwhelmed with work but with the stamp duty deadline being extended it is noticeably less frantic.
This week we launched our multi-agent and RICS coordination valuation service. Property sellers get a single point of access for getting multiple valuations or RICs Red Book valuations coordination.
We also ensure that if the valuations are for inheritance tax or grant of probate the valuations are conducted in line with HMRC's requirements under the Inheritance Tax Act 1984.
Or more information on this service please see our article: Probate valuation simplified.
In order to book any valuation please visit us here.
Have a great week.
The Movewise Team