Summer is here and you may be enjoying the warmer weather, festivals and even travelling to exotic shores, so the last thing you may be considering is moving home. Summer has notably not been the favoured season for buying or selling property: sales would often pause until normality returned, but these days technology means everything can keep following along quite nicely. No matter when you decide to sell, it is also good to understand what is happening in the property market and how that affects the value of your Norwich & Norfolk home.
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Higher, Higher
When Covid hit and the country headed into lockdown, instead of the market stalling there was a frenzy as people reassessed their home and lifestyle, and priorities changed. House prices have continued to rise with the property market seeing its fifth price record this year, according to Rightmove’s June House Price Index. Demand for each available property still remains very strong at the moment, in fact it is more than double the pre-pandemic May average; this is despite the challenges we all face with the increasing cost of living. It is predicted, however, that things will change, as there are signs the pace is easing and you may see property prices in the area starting to fall in the coming months.
More Choice
One thing all buyers want when looking for a new home is to have a wealth of options. There is nothing more frustrating than to search for months and months and not find exactly what you are looking for. Buyers at the moment can rejoice that the number of properties coming onto the market was up by 7% in May compared to the same time last year. Even though there is more choice, buyers are still having to move quickly and with conviction to secure their ideal home.