Rightmove has reported that home-schooling has contributed to a shortage of supply with new seller numbers in the first week of February down 21 per cent year on year.
The property portal’s February House Price Index however shows that the shortage of stock coupled with increased demand has seen the average price of property coming to market rise by 0.5% (£1,522). This increase follows three consecutive monthly falls.
Tim Bannister, Rightmove’s Director of Property Data, said: “So far in 2021 home-schooling has taken priority over home-selling for some people. Family properties are suffering most, with the difficulty of preparing a property for sale while it’s in use and occupied 24/7 being a contributing factor.”
The Rightmove report also highlighted that one in five buyers who agreed a purchase last year still have not completed, with an estimated 100,000 buyers in total likely to miss out on the expected tax saving.
Meanwhile, the imminent end to the stamp duty holiday has failed to deter home buyers with Rightmove seeing visits to its web site up 45 per cent and enquiries up 18 per cent in the first week of February compared to the same week in 2020
Ben Furnell, Managing Director of Furnell Residential, commented: “For people with a family home to sell now is an excellent time to put it on the market despite buyers no longer being able to take advantage of the stamp duty holiday.
“Demand for this type of home is currently outstripping supply and an early start to the sales process means families will hopefully have sold, moved and settled in for the start of the new school year.”
“We are currently carrying out a large number of valuations and viewings which are conducted in full accordance with current Government guidelines.”
Furnell Residential primarily covers Bardsey, Wetherby, Collingham, Scarcroft, East Keswick, Boston Spa, Harewood and parts of Harrogate.