1. Buyer enquiry levels high
At this time of year the level of buyer enquiries remain high, often right up until a week before Christmas, and then Boxing Day sees the start of one of the highest spikes of buyer activity of the year on Right Move, Zoopla and Prime Location.
2. Stock levels low and falling
At present stock levels of available properties for sale are unusually low and as each day goes by many properties are selling and some are being taken off the market – meaning every week serious buyers have less to choose from.
3. Less new competition
To add to the ‘problem’ for serious buyers having less and less to choose from, fewer would-be sellers put their property on the market at this time of year – often mistakenly believing that Spring will be a better time – yes the garden may look better then but they will also have more competition – and buyers will have more to choose from.
4. Property prices at peak levels
Prices in any market are more often than not determined by supply and demand – with demand high and supply unusually low it’s not surprising that prices in the local property market have continued to rise – with homes in the known ‘hot spots’ selling for more than 10% above what they would have achieved at the start of the year – in many instances well above the ‘peak’ pre-recession levels. You can often get a better price at this time of year.