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What the pandemic has really changed for home sellers
We've definitely seen prices continue to climb and demand continue to soar — but what's happening beyond the headlines? We look at how the pandemic has really changed the process of selling your home.
There’s no denying that the pandemic has changed the property market. We've seen record price growth and what feels like an insatiable demand for homes, giving us the highest annual growth rate since 2014. And a lot of homes are flying off the market. But for some, the process of selling has stayed largely the same (though things are definitely moving faster). We wanted to look beyond the headlines to see how the pandemic has really changed the process for home sellers. How many viewings can you expect? How long does it take to complete? How close to the asking price are you likely to get? We looked at market trends along with Strike data to give you a sense of what it's really like (and how Strike can do things a little differently). Take a look at how selling has changed — and how it hasn't.
Both viewings and offers accepted have doubled — there's a lot moving in the market right now. Great for sellers, but potentially stressful for buyers.
With 30% fewer family homes on the market than pre-pandemic, competition can be fierce. And it's taking half as many viewings to get an offer you want to accept.
Reductions are still a part of selling — but less so if you sell with Strike. In fact, we get you £6,000 closer to asking on a £250,000 home.
But there's no denying it's a great time to be a seller. An offer in 5 hours? Sounds good to us.
Long story short? It's a buzzy market with a lot of demand — in fact, it's the hottest seller's market in 21 years. So just the once, the headlines live up to the hype.
As you can see, the numbers really do back up the headlines — we're seeing the busiest market in a very long time. But soaring prices and demand can be a double-edged sword. It's great news for sellers, but may be a little more complicated if you're a buyer or if you're hoping to upgrade. With the tapering of the stamp duty holiday, there's a chance that things may slow down gradually — but the government seems determined to keep the property market afloat. Only time will tell, but we'll be sure to keep you posted along the way.
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