Property Market Update

19 October 2020
Property Market Update

Lawson Estate Agent’s MD Darren Lawson is buoyed by the latest Rightmove property market update which shows that a new national record for the average price of property coming to the market has been set.

“It’s great news for the National market with a 1.1% (+£3,534) monthly rise being recorded,” said Darren.

“Property prices are now 5.5% (+£16,818) higher than a year ago, the biggest rate of increase for over four years! With the annual property price growth rate now forecast to peak at circa 7% by December 2020.”

“Activity levels also hit three new records in September, though there are now some signs of this extraordinary momentum easing off in October”:

The market leading portal of which Lawson have been a premium advertiser for several years, announced that the average time for property to sell currently was now 50 days. This is quicker than previous months, leaving estate agents with more properties marked as sold (subject to contract) than available for sale for the first time ever on the Rightmove portal.

“It’s the highest number of sales ever to have been agreed in a month on the website!” Darren continued, “It’s up 70% on September 2019 and locally we have felt a similar bounce through September in the City”.

Miles Shipside, Rightmoves CEO announced that traffic to property portals in general are up almost 50% on September 2019. This represents the biggest annual jump since 2006 on the various home moving platforms and coincides with the number of active buyers looking to purchase being over 66% higher than this time last year.

Whilst the pace of growth looks to be easing, sales agreed Nationally for October so far are still up 58% on September last year.

Darren concludes, “Whether you’re interested in buying or selling, be sure not to miss out on this buoyant market! My colleagues and I have over 150 years collective experience of the local market, successfully selling property across the City and in particular the PL3, PL4 and PL6 postcodes – we can barely recall being so busy as we’ve been since the end of the lockdown period.”

Whether considering selling or looking to buy, please call either of our two Plymouth offices to register, arrange a complimentary valuation or simply talk about the market and your moving plans today.

Call our Plymouth Office on 01752 229292 or our North Plymouth Office on 01752 791333 or visit www.lawsonproperty.co.uk for an initial ‘Instant Valuation’ today..

(data source, Rightmove UK 19/10/2020).