In this two-minute article, we
look at why now is a great time to sell your urban property.

Easing of pandemic restrictions has
seen increased buyer demand for flats and city centre locations.

The data

Analysis of Rightmove’s 1.6 million
property listings has shown that numbers of people enquiring about these types
of properties has gone up by 39% since January. Bungalows similarly saw a rise
in demand by 30% during the first quarter of the year. Village homes have seen
a 32% increase in demand but city centres have seen an even higher rise of 35%.

Specific locations

In Sheffield city centre, there’s
been a 57% increase in buyer demand. In Norwich, there has been a 63% jump, and
in York, a whopping 76% since January.

Tim Bannister, Rightmove’s housing
expert, said: “These are early signs but they certainly point to some good news
for city centres across Great Britain, with a number of agents now telling me
they’ve seen a marked uptick in demand from first-time buyers, and they’re
managing to sell city centre flats more quickly than in earlier months of the
year.”

What’s the ‘why’?

The government’s introduction of a
95% mortgage guarantee scheme has supported more first-time buyers to purchase
their first home. Rightmove surveyed 1,000 first-time buyers and 17% are
already using the scheme, or are planning to use it. That’s just under 1 in 5.

What does this mean?

Simply, it’s a great time to sell
your urban property.

Country and coastal properties
appealed to buyers when lockdown restrictions were limiting available
activities. Those who were locked down in urban locations were suffering.
People felt claustrophobic and missed nature and rural areas.

Now the rules have relaxed
somewhat, the pleasures of urban living have become apparent once more. Young
people are keen to get on the property ladder, live near their friends, and
enjoy city life. Restaurants, shops, and even the cinemas need our support
after the pandemic.

Also, with mortgage interest rates so
low, it’s a good time to sell and put those funds into a new home.

If you’re looking to sell a
property but would like to talk through your options, give us a no-obligation
call today on 01634 304326.