Lockdown restrictions and government incentives have increased the demand for property investments quite substantially.
According to the latest report by Rightmove, the country is currently experiencing the biggest demand in the past decade, which is over 30% higher than the same period in 2020.
Rightmove expects further price increases during the traditional spring selling season and suggested that “the current excess of demand is the largest we’ve seen in the last decade.”
Tim Bannister, Rightmove’s Director of Property Data comments: “This demand will be further boosted from April by the new Government guarantees enabling lenders to bring back 5% deposit mortgages. Whilst it is unfortunately not the perfect time to buy for some people who have been adversely affected by the pandemic, the record buyer demand measured by Rightmove indicates that now is the right time for many.”
“Record low-interest rates and the new focus on what your home needs to offer after several lockdowns have led us to the greatest excess of demand oversupply in the last decade.”
“The number of buyers enquiring about each property for sale on Rightmove is the highest ever measured. It continues to grow as the traditionally busiest period of the year approaches, and in February was 34% ahead of the same month a year ago, which was itself active and busy after the lifting of the uncertainty around Brexit and the election, and just before the first lockdown froze the market.”