Posted on

Veritas Homes Market Update July 2021

This month several sources including Rightmove, Zoopla and On The Market have reported that the first half of this year has been the busiest ever recorded. The first half of 2021 has seen 140,000 more sales being agreed however this comes with a decrease of around 85,000 new listings making the supply and demand an ever-increasing issue within the market.

Homes with four bedrooms or more have faced the biggest surge with a 39% increase in sales and a 15% fall in houses coming to the market causing prices to rocket by 6.7%. Three bedrooms also jumped by around 28% while supply dropped by 10% again causing price to jump by around 6.9%.

For the fourth month in a row house prices have hit new record highs with a massive £21,389 (6.7%) on average added to your home in the last 6 months. The new average all time high is set at £338,447 and this month enjoyed yet another increase of 0.7%, this is the largest monthly rise since June 2007. This hive of activity is set to continue as Rightmove has calculated a shortfall of around 225,000 homes for sale, this shortfall has caused a buying frenzy fuelling the ever-increasing prices.

Several sources are predicting that despite the end of the main stamp duty relief activity will remain high in the housing market.

Interestingly the average sale of a property has now dropped to 38 days, in comparison to this time last year which was 74 days.

At Veritas Homes we continue to remain extremely busy both in the residential department and in the commercial department. Like most agents we are suffering now with a lack of stock having sold most of our properties to sell but we continue to provide the best and most personal service to all of our clients.