Spring is a busy season for Huntingdon estate agents, but demand is starting to outweigh supply in the property market right now. Here at Villager Homes, we’ve recently had an increasing demand in buyers but a clear decrease in properties to sell. Our list of buyers interested in relocating to Brampton and surrounding areas has increased dramatically over the recent months. Lockdown has made people re-evaluate their desires; they want more space, larger gardens, and better locations. A huge proportion of our house hunters are hoping to relocate from London to move into local Cambridgeshire villages.
There are other possible reasons for an increase in demand but the new low deposit mortgage scheme could also be playing a key role. This mortgage scheme is helping first-time buyers get on the property ladder, allowing them to purchase a property costing up to £600,000 with a 5% deposit. Banks such as Santander, Barclays, Lloyds, HSBC, and NatWest are starting to offer products this week, with Virgin Money following next month. To find out more about how this scheme works check out this great article from the money-saving expert. Here
The market momentum has gradually been increasing in recent months. Huntingdon estate agents have been busy with high percentages of properties in the area sold STC.
Below shows a table displaying the percentage of properties sold STC on Rightmove in Huntingdon and surrounding areas. Hartford is currently at the top of the leaderboard with 83% of properties on Rightmove currently sold STC, properties in this location are in high demand due to the lower average house prices. Houghton and the Hemingfords are very desirable locations, properties in these villages have larger plots and charming characteristics however a larger average price.
(Above table: data sourced from Rightmove)
Available stock is down approx 26% in comparison to this time last year Rightmove reports. Demand is heavily exceeding the supply of properties coming to the market. Rightmove has so far recorded 20 days this year with their largest ever website traffic, on Wednesday 7th April they reached their busiest day ever with over 9.3 million visits.
With the mortgage guarantee scheme on the roll, we are expecting demand to continue growing. If you’re thinking of selling your house now is prime time to do so. Please do get in touch for a free valuation and we’ll help you get your property snapped up this Spring!
Published by Kye Liddle
Managing Director, Villager Homes Estate Agents