25 Oct 2021
September always sees a bump in listings as sellers come back from holiday and school term starts. 2020 was at a structurally higher level as the UK had been in lockdown from 23 March until the lockdown was phased out in June and we can see the listing momentum pick up over the summer that year.
In 2021 it is much more normalised and the winter decline in new listings volume has begun now and we’d expect to see this continue to slide into the year end.
Unusually for this period, as stock levels are still at a multi-year low it’s still a good time to bring a property to market and pricing remains tight.
This week we have started to see a slow down in listings across the board as many potential sellers are deciding to wait until the New Year to list their property. If you are looking to sell but are minded to wait until 2022, it would still be worth getting a couple of agents to value the property now. You can then think about preparing your marketing material in advance of January and you will also be in an agents’ mind, so whilst there is still a general lack of property available, if the perfect buyer walks into their office they can contact you about them and potentially arrange a few viewings without an online listing.
As a result of a slowdown in listings and a lack of property available, agents are seeing those properties that weren’t getting much interest now generating viewings and offers. Price sensitivity remains in some areas and as such we have noticed that even a small adjustment in price can make a huge difference in activity generated.
Exchanges have been more consistent with solicitors having caught up with the backlog created in September. There is a big focus on getting exchanged and completed before Christmas for many so if your property is under offer, communicate regularly with your solicitor and try to do all you can to get exchanged as soon as possible to give yourself a little breathing space before completion. The closer we get to Christmas, the more jammed the solicitors are likely to be.
Thank you all.
Have a great week.
The Movewise Team