Zoopla property price report is out!

Zoopla’s latest property market analysis has just been released for July 2021 and it makes for very interesting reading.  As we are seeing ourselves at Abode supply remains extremely constrained with the total stock available for sale 26% lower nationally than this time last year, here at Abode we are even more constrained, with available properties 57% lower than July of last year, due to houses being sold extremely quickly.

The reports notes they are seeing the highest increase in activity from first time buyers and investors, this is creating the largest supply versus demand deficit in houses up to a value of £350,000, and is no doubt a result of the governments 5% mortgage guarantee for buyers as well as the low rate environment investors find themselves in making them chase yield.

All of this demand and restricted supply has been very supportive for prices, with prices up 7.6% annually for houses.  Flats continue to underperform, with prices up just 1.2% versus July of last year.   This is a continued reflection of the need for more space and the importance people are putting on having outside space following the many Covid lockdowns.

All of this has bought the average time to offer for a house down to just 26 days versus 49 days in 2019, it’s certainly a sellers market, so contact Abode today for a free valuation and some great offers on commission!