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The housing market is at its best of the year.

Several factors have kept home prices on the rise.

The spring season is traditionally the busiest time of year for the housing market and 2021 does not seem to be an exception. This is according to Nicky Stevenson, MD of Fine & Country UK, who adds that record demand and a prolonged shortage of supply are supporting prices in the housing market, while consumer and industry confidence continues to grow.

“The warmer weather has created an awakening in the market. There is a spring in the pass of many this April, as the restrictions imposed for the confinement begin to loosen,” says Stevenson.

“While there are still restrictions, families and friends can meet again, the launch of the vaccine continues and elements of the economy are set to reopen for the first time since January. According to GfK and IHS Markit, consumer confidence is at its highest level since before the first lockdown in March 2020, and business activity across the UK private sector is posting its fastest growth rate since August. Both consumer confidence and business growth have proven to be stronger than many expected, indicating the view that the economy has proven to be much more resilient during Close 3 than during Close 1.”

Stevenson adds that, in this context, activity in the housing market continues apace, reinforced by the extension of the Stamp Duty Holiday in England and Wales and the new 95% mortgage guarantee scheme.

“Zoopla reports that average buyer demand since early 2021 is 13% higher than average levels for all of 2020, and Rightmove data reveals that demand in March was 34% higher than in the same period from the previous year. In February 2021, more than 87,600 mortgages were approved, more than 19% more from year to year. Gross credit reached its highest monthly figure since March 2016, almost five years ago. The Royal Institute of Chartered Surveyors reports that the sales rate per surveyor in February was at its highest level since May 2016, the sales-to-stock ratio being the highest in more than a decade,” she says.

Stevenson notes that market conditions currently favor sellers with high levels of demand and new supply in the restricted market. Zoopla reports that the total supply in 2021 to date is down 13% compared to the 2020 average, although there are tentative signs of improvement. According to Rightmove, new listings in early March were just 5% lower year-on-year compared to a 20% drop in February.

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