How Sellers in Kent Can Make Their Next Move a Success

This three-minute read looks at the current
market trends and what they mean for people who are looking to sell up.

Are you thinking of selling your Kent home? Then
let’s look at two trends that have dominated the market over the past year and
see what they mean for you.

Demand is strong

Many people predicted that the robust demand seen in early 2021 would fizzle
out when the Stamp Duty holiday ended – but they were wrong!

2022 kicked off with a bang. Over the New Year period, UK housing demand
rose by 49% compared to the same period in the previous three years* and asking
prices were up in January.

Pressure on stock

Running parallel to this strong demand has been a shortage in housing
stock (in other words, there are not enough properties on the market to meet
buyer demand).

In December 2021, there were 24 buyers for every available property.** One
of the reasons for this pressure on stock is that people are staying put in
properties for longer. We assume society is more transient these days, but
housing sales figures don’t bear this out.

In 2008, people who sold their home had, on average, owned it for ten
years. By 2021, that figure had jumped to 14 years.***

Many people appear to be opting to extend an existing property instead
of trading upwards, which partly explains this trend.

Implications for sellers

With demand high and stock levels low, sellers are in the driver’s seat.
However, if you’re planning to sell and then buy another property, it’s not
quite so simple.

While you’ll be in a prime position to sell your current home, you’ll need
a clear plan of action to secure your next property.

Many people start by looking for a suitable property to purchase before
preparing their own home for sale. But given the market is so competitive right
now, it’s worth doing things the other way round and getting your property on
the market first.

That way, when you do find your dream home, you can move quickly.
Sellers are much more likely to look favourably on your offer if you can show
you’re ready to go (they won’t want to wait around for you to get your act
together).

You don’t want to be outmanoeuvred by someone who can move more quickly
than you.

For more information about the Kent property market,
get in touch with us here at CWB Property.

* Source: Zoopla. This period takes in four
weeks leading up to 16 January 2022.

** Source: Propertymark.

***Source: Savills.