Azeem Salemohamed from east London estate agent Sandra Davidson delves into the September figures from property portal Rightmove to explain what they mean for people looking to move in the area.
“The latest Rightmove figures for Sandra Davidson’s patch show there are more homes on the market than a year ago – 1,853 compared to 1,726 in September 2019. It’s a modest increase of 4%, but where you can really see a change is in new listings – 664 for this September compared to 400 a year ago; an increase of 30%.
“Agreed sales are up too, again by 30% on a year ago, as is demand – there were 1.9 million detailed views of properties in the area on Rightmove last month compared to 1.65 million at the same time the previous year – showing that people are actively looking for their next home.
“The August figures saw a surge in demand for properties. We concluded this was down to pent-up demand; all those people who wanted to move but couldn’t do viewings because of lockdown restrictions. However, we also found there was a lack of supply in the market.
“The new figures show that high levels of demand are still very much with us, but that supply is increasing too – those 224 additional new listings compared to a year ago – proving that vendors have latched on to these positive market conditions and put their homes up for sale.
“The increase in agreed sales means that vendors are now looking to buy their next property. This is borne out by the data from Rightmove, but also Zoopla, which shows that, existing homeowners now make up the biggest proportion of people looking to buy – not first-time buyers. This is really good news for the housing market.
Buying and selling at the same time?
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Azeem S.
“On our own patch we’ve seen examples of huge demand for keenly-priced properties, with offers coming in above the levels we would have expected. But, on the whole prices are stable – that pent-up demand is still here, but vendors have responded by increasing the supply, which means that the market is a lot more balanced.
“It will be interesting to see whether this is sustainable over the coming months with the end of the furlough scheme and likely rising unemployment. However, for now, demand is still hot in the patches we cover, including East Ham, Manor Park, Forest Gate, Woodford and Redbridge and we expect that to continue.
“This is still a really good time to list your property, so for anyone looking to sell I’d say contact us now to discuss how we can help you take advantage of current market conditions.”
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