Fall through rates dropping, first time buyers boosting the market and a growing number of ‘last time’ home buyers can only mean good things for sellers in the 2016/17 housing market.
The annual Homeowner survey by YouGov found that 19% of homeowners aged 55 and over have considered moving in the past two years, but have not found the right home to make the move.
The main concerns of this demographic are different to those in the younger age groups. Property prices, for instance are less likely to be a barrier to moving (22% of over-55 homeowners compared to 31% overall). Low running costs, parking availability and single level living were also more important to this age group.
They are less interested in new build homes, which means that this influx of ‘last time buyers’ could be great news for property sellers. There are 11.4 million homeowners aged 55 and over in the UK right now, so the experts are suggesting that this new found interest could help to make a real impact on the market.
Just one in five house sales fell through in the first quarter of 2016, compared to nearly one in three in 2015 which is great news. The half of the sales that did fall through were either because of the seller withdrawing from a sale to achieve a higher offer or the buyer or seller pulling out because they didn’t believe the sale was going fast enough.
The drop in the number of sales failing to complete is good news for sellers, it’s also a sign that the sellers’ market is performing strongly, with demand continuing to outstrip supply in nearly all areas. Low supply and high demand also puts sellers in a good position when it comes to negotiating.
If you’re thinking of selling your home, get in touch with Joyce Heeps Homes today.