The autumn property market remains buoyant. This month, there have been record asking price rises across every region of Britain and for every property type, from first-time buyer homes to family houses. This 'full house is an extremely rare event, happening for the first time since March 2007.
Here are five reasons why this could be the perfect time to sell.
1. You'll Be Putting Your Home in Front of a Record Number of Potential Buyers.
There are more people looking to move than the number of homes available to buy, and it's a hugely competitive market, so sellers have the best chance of finding a buyer this year than at any other time in the past 10 years.
2.There's a Good Chance You Will Get the Best Price For Your Home.
Asking prices have hit record highs this month, so if you're thinking of selling in order to make a move next year, it's a great time to arrange a property valuation from an estate agent. You might discover that you can sell your home for a lot more than you bought it for, even if you've owned it for just a year or two.
3. Your Budget For Your Next Home Might be Bigger Than You Think.
If your home is valued for more than you bought it for, your search for your dream property might start to look different. New possibilities that you may not have considered could start to open up, from locations you assumed you were priced out of, to homes offering more space, or a garden. And the good news is that we're starting to see more properties coming to market this month, so fresh new choice is slowly growing.
4. You Will Become a 'Power-Buyer'.
With many homes being snapped up quickly and sellers having a choice of competing buyers, 'power-buyers - those who have already sold their own property subject to contract or have nothing to sell - will have the most powerful negotiating hand when they eventually find 'the one'.
5.Mortgage Interests Are Still Low
Mortgage interest rates are lower than ever and lenders are keen to offer mortgage loans in a competitive market. The window is open for movers who wish to sell and buy again before a likely interest rise, although it's widely expected that rates will remain comparatively low.
The pound soared against the dollar and the euro as investors ramped up their bets on an imminent interest rate hike.
Rising interest rates would push up the cost of variable mortgages, squeezing the finances of many families already facing soaring energy bills and higher prices.
Laura Suter, head of personal finance at broker AJ Bell, said: 'Mortgage rates have been at rock-bottom lows for a long time and many homeowners have never known an environment of higher interest rates , so any rise will be a nasty shock for them.'
The average price tag on a home has hit a new high for every part of Britain and property type for the first time since 2007, data shows.
Across Britain, the average asking price jumped by 1.8 per cent or £5,983 this month to reach £344,445, property website Rightmove's analysis revealed.
On a first-time buyer home, it hit £210,672, while for a property typically bought by someone taking their second step on the ladder, prices reached £315,486.
For a larger family-sized home at the top of the market, the average was £630,819.
Tim Bannister, from Rightmove, said: 'Competition for property for for sale remains hot this Autumn, with average prices jumping by almost £6,000 in the month. Although more properties are coming on the market, the level is still not enough to replenish the stock that's being snapped up. Consequently, new price records have been set across the board. This "full house" is an extremely rare event, happening for the first time since March 2007.'
Mr Bannister said stock shortages were seen after the first coronavirus lockdown last year and look set to continue.
The number of sales being agreed was up by 15.2 per cent in September compared to the same period in 2019, figures showed.
Cory Askew, of Chestertons estate agents, said: 'Despite the stamp duty threshold (in England and Northern Ireland) having returned to it's normal level on 1st October, the demand from house hunters hasn't slowed down. London is seeing a return of office workers and steady influx of international buyers. Sellers have taken note of this and with a higher demand for properties, don't feel the need to lower their price.'
Builder Barratt Developments shrugged off supply chain issues saying it is on track to complete between 17,000 and 17,250 homes in the year ending next June.
Barratt said it has noticed "some macroeconomic uncertainty" but its financial position is strong enough to react to changes this year. Chief executive David Thomas said: "We continue to work closely with our suppliers and sub-contracrors and haven't experienced any significant disruption to our builkd programme as a resultof the challenging supply chain environment."
But building costs will rise by up to 5 per cent this year, Barrett predicts.
Thousands of new homes will be built on underused and derelict land to regenerate local areas and help people onto the property ladder, the Department for Levelling Up, Housing and Communities (DLUHC) announced on 12th October.
Almost £58 million from the £75 million Brownfield Land Release Fund (BLRF) has been allocated to 53 councils.
The funding will boost local areas by transforming unloved and disused sites into vibrant communities for people to live and work, with the demolition of unsightly derelict buildings and disused car parks and garages. This will help to protect countryside and green spaces while an extra 5,6000 homes are built on theses sites, supporting young people and families across the country into home ownership.
The funding could also support up to 17,000jobs across the housing and construction sector and the wider economy.
Secretary of State for Levelling Up, Michael Gove said: We are levelling up and backing home ownership in every corner of the country, delivering new high-quality, affordable homes and creating thriving places where people want to live, work and visit. making the most of previously developed land is a government priority and it will help protect our cherished countryside and green spaces.
The allocations include £5 million for self and custom build projects. A further £20 million from the BLRF has also been designated to help accelerate the self and custom build sector, with councils now able to bid for the remaining funding - giving local people the opportunity to build and design their own homes.