Demand outstrips supply as March date sees highest property sales in a decade

Wed 07 Apr 2021

With property portal Rightmove reporting more house sales across the country on one date in March than on any single day over the past ten years, Leamington estate agency ehB Residential says demand is outstripping supply in the town.

Interest in family homes with space for home working is accelerating, with the stamp duty holiday extension fuelling the desire to move to a new space.

Sales and prices have been on the rise for the past few months as the pandemic sees buyers re-evaluate their priorities.

The Rightmove statistic, that March 23 saw more sales UK wide than on any other single day in the past decade, comes as no surprise to ehB Residential office manager Clive Thompson.

“We’ve been rushed off their feet for months, with activity becoming even more frenzied as the vaccination programme kicks in and the easing of lockdown restrictions boosts confidence,” he said.

In fact, houses are being snapped up so quickly that many more homes are needed to satisfy demand.

“We’re starting to see an increase in stock, but there is still an appetite for more. Easter and spring are traditionally the busiest time of the year for home sales,” explained Clive. “But this level of demand versus supply is greater than any I have seen in 23 years in the industry.

“As well as looking for more indoor and outdoor space, buyers have more flexibility as far as location is concerned. They no longer need to live, for example, very close to the station for a daily commute, as working patterns have now changed irrevocably.

“We’re also seeing that families who may have been too busy to move while home schooling their children now have the time and energy to look for their next property.

“All these factors point to massive demand for homes slightly out of the town centre in areas such as Lillington, Whitnash and Cubbington as well as Victorian and Regency properties in the £400,000 to £800,000 bracket in Milverton and established town centre locations.”

“Three- and four-bedroom semis from £375,000 to £550,000 have been particularly popular, with supply falling well short of demand.”

But while mid-priced homes are popular, there’s also an immense appetite for million pound plus properties, with ehB completing on one such house in Northumberland Road and agreeing a sale on another there this month.

“Sellers with houses which tick these boxes are achieving excellent prices and quick sales. So anyone thinking of downsizing may want to consider getting a valuation sooner rather than later,” said Clive.