Families and second-steppers are currently exceeding other buyers in the market. According to figures released last month by TwentyEA, terraced and semi-detached homes have accounted for more than 50% of transactions so far this year and the number of detached house sales rose by 36% in the third quarter of 2018*. These figures demonstrate that, despite some would-be buyers holding back from their plans, there is still strong demand for homes from families and second-steppers, whose moves reflect their growing or changing family circumstances.
“As established agents, we have experienced many peaks and troughs in the market over the years, but one thing that is always there is demand from ‘needs-based’ buyers, who are often growing families,” says Dominic Agace, Winkworth’s CEO. “Life goes on, as they say, so potential sellers should be confident that there will be buyers out there whose circumstances dictate their need to upsize, downsize or move somewhere more suitable. Of course, there are also many out there who will move just for the perfect home too.”
Twenty EA also reported a 2.5% increase in new instructions compared with last year and an 11% increase in exchanges, meaning more houses are being sold than coming onto the market. With demand clearly outstripping supply, potential sellers need to instruct an estate agent who offers a comprehensive service, including putting them in touch with prospective buyers in a range of locations around the country.
Dominic continues: “Sellers are right to be cautious, but if they choose their estate agent wisely, they can be confident in finding the right buyer for their property. We’ve been selling houses for almost 185 years and, with a network of 100 offices across England, we have a huge database of buyers waiting to find their perfect new home. If you are thinking of selling and would like some advice, please don’t hesitate to contact us.”
If you would like further information on the local property market or if you have a property you’d like to sell, please don’t hesitate to contact your local Winkworth office.
*Source: TwentyCi Property & Homemover Report – Q3 2018