Date Published 02 March 2020
Average asking prices in Worthing for February 2020 were 3% higher than in 2019, which seems to give credibility to the so-called ‘Boris Bounce' affecting the housing market.
The UKs largest property website, Rightmove, recently reported that the average price of property coming to the market in February was just £40 shy of the all-time high. This is a strong indication that momentum is building for a buoyant Spring market.
With all that said, asking prices are just one piece of the puzzle – If there aren't the purchasers to buy the properties then they won't sell. However, the data shows that there certainly are the buyers, with sales agreed up by more than 12% year-on-year. The number of properties for sale in Worthing was 20% less in February 2020 than in February 2019, which is another reason why we've seen asking price rise – The simple principle of supply and demand.
With strong pent up-demand outstripping supply, the market is moving in an upward direction and I think March will bring record prices.
However, those record prices won't necessarily be achieved in a record time. The average time a property is on the market for has risen by 18% in comparison to February last year, although this does vary considerably depending on the type of property. Three bedroom properties spend less time on the market than others and semi-detached properties have the quickest selling time of all.
Analysing all this data is a bit like interpreting the Matrix – To many it will just be lots of numbers, but to me (Neo) it paints a picture. That picture is of a local housing market that is in very short supply of property, which because there is strong demand helped by low interest rates, is leading to rising house prices. Those wishing to sell their homes aren't under pressure to do so (again helped by low interest rates) so are waiting until the right buyers, willing to pay the right price, come along.
If you'd like to find out more about how your property fits into this picture, please get in touch.