Published: 13/06/2022 By Luke Croft-FaulknerThe property market has been in a whirlwind these past couple of years. The inception of the series of lockdowns we had in the UK due to the COVID-19 pandemic meant that there was a lot of uncertainty in the property market.
‘The industry was hit hard in the early stages of the Covid Pandemic, especially during Lockdown 1 where exchanges were banned by the government for a few months' said our MD Ben Davidson when asked to recall what the market was like during the start of the pandemic. 'We literally didn’t sell anything for 3 months which is unheard of. We carried on with lettings helping key workers and the NHS with their housing needs, offering half rent and in some cases, free rent'.
Our focus here at Davidson Estates shifted from trying to generate revenue to trying to help in any way we could to assist with the chaos. As the months went by and we eventually got the vaccine, the market was set to normalise again by all accounts. However, house prices shot up due to the huge demand for extra space for home working and safeguarding in the event of another covid wave and lockdown. We saw a huge spike in demand for properties here in Edgbaston and Harbourne and prices continued to rise without any sign of slowing down.
In general, the property market is currently in a good state and has found a way through the Pandemic. You may now be asking yourself 'is it the right time to move?’
As of April 2022, asking prices for UK homes have hit record highs. Rightmove says that more than 50% of properties have been sold at or above their asking price. This is currently, the highest level on record.
All indicators point to this property price frenzy not slowing down anytime soon despite the current cost of living crisis meaning there has never been a better time to sell your home! In addition to this, properties are on average being sold from listing at the fastest ever rate of 33 days. This means that you won't have to worry about waiting around for months on end only to end up accepting a lower price for your home.
If you're still feeling sceptical as to whether or not it’s currently the right time for you to sell your home, get in contact with Davidson Estates today. Whether you're thinking of selling your four-bedroom house in Edgbaston or your one-bedroom apartment in the City Centre, Davidson Estates is always on hand to advise and assist, from the point of valuation and throughout the whole sales process.