We’ve seen a boom in house prices and sales in the past few months, including here in North Cumbria. The pandemic may have been bad for our general lives and many businesses but, for the housing market, it’s actually had a positive effect so far.
I’ve said before that the increase in home working and the drop in the demand for commuting in bigger cities like Manchester and London had driven a new demand for people moving to Cumbria or moving back home.
Eighteen months after the pandemic began, prices have increased by around 10% but we’re now seeing the first signs that the rise in prices is levelling off. That was inevitable. Nothing lasts forever and house prices going up and up endlessly would just price more and more people out of house buying.
Demand however shows no sign of dropping. The market is still very active but what we are seeing increasingly is a lack of stock. And that only means one thing – properties that come onto the market are selling faster than ever as buyers snap up their next home.
That makes it a seller’s market at the moment. The buyers are there but can’t always find what they want. So anyone thinking of selling their home could be in a fantastic position if they move quickly. Prices are still strong and houses are flying off the market.
If I was a potential seller, I’d strike now while the iron is hot. There may never be a better time to sell. If I was a buyer, I’d make sure I was keeping up with the market to try and get an early steer on new homes coming to market.
Moving fast is key at the moment.