With stock levels already low, the combination of the winter season and lockdown is only going to create more scarcity in the immediate future. Many people are delaying the sale of their property until there is less uncertainty around the current Covid situation, and others are simply holding off until spring.
As a result of these low levels of stock, we can naturally expect the upward pressure on prices to continue. On the flip side, vendors who are choosing to sell at the moment are most likely doing so out of necessity, which can in turn still create opportunities for prospective buyers.
I would anticipate we will see a few spikes in stock levels – firstly at the conclusion of lockdown, and secondly in the very early stages of spring. Being active in many different markets for our valued clients, I anticipate that any properties to hit the market will be snapped up quickly given that there is still a surplus of buyers in the market – and plenty who have been looking for a while, or during a time of exceptionally low-stock. This is creating more urgency to move quickly and aggressively when that desirable property becomes available.
Increased activity from investors in certain markets is also sure to add to the competition amongst buyers, and this will be another factor contributing to the strength of property prices as we move into the second half of 2021.
With Covid restrictions, interest rates and stock-levels showing the hallmarks of late 2020 and very early 2021, it can be expected that price growth and market activity will also behave similarly.