Welcome to our March Company Update
Spring has sprung and we can now enjoy longer evenings and better weather, as well as improved conditions in the property market. We round up the month just gone and provide a market update from the first quarter in addition to a company and community update.
According to the latest Rightmove House Price Index, the average asking price for a property in the UK has increased by 0.8% (+2,906) this month to £365,357. This growth has been steady but consistent throughout this quarter.
The report also highlights that there has been a 6% increase in buyer demand this month when compared to the same period in 2019 showing that there is confidence in the market.
During March we see the highest number of enquiries from buyers searching for their first, next or forever home. With so many buyers looking for their next property, this makes the end of March into April and onwards the prime time to put your property on the market to achieve the best possible price.
The South East of England property market has seen a similar trend to the national market, with a rise in property prices and demand for properties with more space, both inside and outdoors. According to the Rightmove House Price Index, the average asking price for a property in the South East has increased by 1.2% in the past month and 1.8% in the past year, reaching a new average price of £482,388.
UK rents continue to grow at a record pace of around 10% when compared to this time last year according to HomeLet. Demand is being driven by economic factors. The increasing cost of homeownership coupled with the increased cost of borrowing makes for a challenging jump for first-time buyers looking to make the move from renting to owning, meaning they stay put for longer.
April kickstarts our charity events for the year with the Lancing easter egg hunt which takes place this Saturday 1st April. Our teams will be out and about during the event, so keep your eyes peeled for those chocolate eggs!
The Care for Veterans Charity Golf Day takes place at the end of the month. This is always a great event and one we look forward to each year which raises money to provide residential nursing care, rehabilitation, respite, and end-of-life care to physically disabled ex-Service personnel and their families. There is always time to donate to this worthwhile cause, and you can do so here.
From myself and everyone at Michael Jones & Co, we wish you a very happy Easter and wish you well for the rest of April.