30 Aug 3-bedroom properties in high demand
Property experts from Rightmove are urging homeowners to sell their three-bedroom homes, as high demand leads to an average selling time of just 45 days.
With the summer season well under way, the latest house price reports indicate high asking prices in the UK.
So, why is the housing market so hot right now?
Available homes are in short supply
Some homeowners have had to delay their moving plans over the last 18 months, causing an imbalance of homes on offer compared to buyers, sparking competitive bidding wars and driving prices higher.
This has also resulted in gazumping becoming more and more common, as buyers fight for the remaining properties.
New construction was halted
Between 240,000 and 340,000 new homes are needed every year to keep up with demand.
A shortage in construction materials, as well as delays and lockdowns within the sector have resulted in fewer new homes being built since the emergence of the pandemic.
Even though construction of new build homes has recently reached a 21-year high, the market is still struggling to make up for lost time and meet the needs of new home buyers.*
Mortgage rates are at a record low
Product choice has reached the highest levels in 16 months, with competitive rates and as many as 4,512 new deals to pick from encouraging deal-savvy buyers to consider their next move.**
Post-COVID race for space
After being stuck indoors for months, people are sick of seeing the same four walls.
Whilst many of us took to DIY renovations and projects to make our homes better suited, a significant number decided to look elsewhere altogether, wanting a bigger space with gardens and the room for a home office.
*Ministry of Housing, Communities and Local Government