First-Time Buyers Flooding Market And What It Means For You

At Belvoir Sutton, we are keen to ensure you make an informed decision in the housing market, and we pay attention to a number of leading names and organisations in the housing market. We speak with local buyers and vendors, so we know what is happening locally, but by staying in touch with what is happening nationally, we help you make a decision you are more than happy with.

The latest information and data from NAEA Propertymark provide a lot of interesting information for anyone with an interest in the housing market, and it is relevant to the Sutton housing market.

The number of property sales made to first-time buyers in August rose to 28%, which is an 8% increase on the 20% in July 2021. With the stamp duty holiday tapering off, it was always likely that the number of existing homeowners moving would drop off, and this would result in the proportion of first-time buyers increasing.

If you are looking to sell your home in Sutton, it is important to know who the most likely buyer is. This information helps you present your property in a more effective manner, and we can help you connect with likely buyers.

How are house prices in Sutton?

According to Rightmove, as of the end of September 2021, house prices in Sutton are as follows;

Properties in Sutton had an overall average price of £485,977 over the last year.

The majority of sales in Sutton during the last year were flats, selling for an average price of £303,208. Terraced properties sold for an average of £456,264, with semi-detached properties fetching £560,318.

Overall, sold prices in Sutton over the last year were 10% up on the previous year and 15% up on the 2018 peak of £421,983.”

The price of flats will be well within reach of many first-time buyers, which means Sutton is an option for many people looking to step onto the property ladder. We believe Sutton is ideally situated to provide people with the best of both worlds when it comes to city and rural living.

Homes selling above asking price

Another interesting feature from the recent NAEA Propertymark figures is that in August 2021, 37% of properties sold for more than the initial asking price. This rose from the 31% return for July, and when you compare it to August 2020, there has been a massive increase.

Back then, only 13% of properties sold for more than the asking price, which means the year-on-year increase stands at 185%. Unsurprisingly, the August 2021 figure is the highest recorded figure in any August.

Nathan Emerson, Chief Executive, Propertymark, comments: “This month’s report shows an enduring appetite amongst buyers, including the ongoing wave of new buyers securing their first homes. Lifestyle changes are still prevalent, and buyers are now looking to a future which is very different from the one they envisioned 2 years ago. The search for green space, home offices and more flexible living is a trend that is unlikely to see demand diminish before the new year.”

If you are starting the sales process, or wondering what your next move will be, you can arrange for an instant valuation to take place. Our instant valuation tool is free, quick to use and very easy to arrange, so contact Belvoir Sutton today if you would like to arrange a valuation anytime soon.