Buyers missing out on dream homes as demand exceeds supply
The demand for homes in the county has sky rocketed, so much so that it has begun to exceed supply. Many people who had intended to move into the area may be out of luck.
Supply and demand
With the number of homes for sale in Chelmsford dropping 36% since last year, house hunters are finding the task more difficult than ever. This means that the homes on the market are selling out quicker than they ever have before, with some being sold within days of being up for sale. Balgores Property, who have a dedicated Chelmsford property team, are experiencing a high number of enquiries for an decreasing number of homes. This is having a knock-on effect around Chelmsford too – in CM2 / Great Baddow, a modest 6 bedroom house will now fetch over 500,000.
Areas like Chelmsford and Romford both have a considerably lower amount of houses for sale compared to recent years. So with homes in such demand in these areas, this has led to an increase in property value of about 20%. The increase could be an incentive for people to start selling their homes, which would be beneficial for house hunters. It could also be a disadvantage as it would make the market even more competitive, therefore making it all the more difficult to purchase a home in Essex.
With the percentage of houses on sale currently at the lowest point it as been for years, and the impact it has had on house hunting in the county – it could warrant an influx of housing developments to give more people the chance to purchase their dream home. The attention these homes have been receiving is only going to lead to higher demand, and with such high demand there will be a need for an increase in supply.
Disappointment for hopeful buyers
With these homes selling so quickly and at such a competitive rate, it has left people hunting for their dream home bitterly disappointed. Potential buyers who haven’t been able to move from their current home quick enough have missed out due to the rapid sales of the houses they wanted to buy.
Meaning that buyers who’re in a better moving situation will have an advantage, as they will be able to snap up one of the homes in the short time they’re on the market. They would ideally need an agreed sale on their own property, an agreed mortgage and a conveyancer instructed.
For those who aren’t in such good moving situations it could prove to be more difficult for them to purchase one of the homes, simply because the time available is too short for them to go through the process of selling their previous home and purchasing the new one.
Moving into a new home is a very exciting time, but the actual process can be far from exciting. With the added pressure of having a short window of opportunity to purchase your new home, this could prove to be a nightmare for house hunters.
If you’re interested in moving to these areas, it would make sense to put yourself in the strongest moving position possible. Although the time frame may be short and competitive, by making sure you are ready to move it will put you ahead of others who also are enquiring about homes. Find a buyer for your home first and then start house hunting, otherwise you may be confronted with months of disappointment and frustration as the houses you want to buy are snapped up before you can move.
When you are ready to move, stay in constant contact with local estate agents so you hear about new properties before they hit Rightmove and the local papers.