This week, Today's Conveyancer have released a factual piece stating that, despite the enormous rise in the cost of living, the number of people expected to move house in the UK over the next three months has increased quarter-on-quarter by 72% from 191,538 households in January 2022 to 328,640 in April 2022.

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Twentyci , the homemover and 'buyhavioural' data agency posted in their Q1 2022 Property & Homemovers Report that the number of people wanting to Move Soon has also increased, rising from 317,793 households in January 2022 to 365,873 in April 2022. This increase of 48,000 households roughly equates to the same number of households in the Cheltenham altogether.

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At the beginning of April 2022 there are over 1.45 million households progressing through the home move journey. This is an increase of nearly 300,000 households compared to January 2022.

Key indicators

"Sales Agreed have risen by 17% since Q1 2019 (the last “normal” period of performance within the residential property market, prior to the impact of Covid-19) and Exchanges have jumped by almost 21% highlighting the surge in activity that occurred throughout the pandemic.
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By contrast, new instructions are down by nearly 9% compared to Q1 2019, indicating that a strong sellers market still persists. Without a significant uplift in the volume of new instructions, the residential property market is at risk of significant slowdown later in 2022. This is also reflected by the huge reduction (-49% year on year) in the number of price changes. Home sellers can now command close to the asking price for their property, with no need to discount. Withdrawal is also down by 34% as sellers can achieve a quicker sale than in prior years negating the need to remain in their existing property."

Today's Conveyancer

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What does this mean for you as a seller?

Earlier this month, we spoke with Eleanor from award-winning Sales & Lettings Agency Move, about the current state of the property market in terms of renting as well as buying a property in Cheltenham. Liam and Eleanor agreed that it was a seller's market, and that is still the case. There remains an acute lack of stock coming to the market and demand has now outweighed supply for the last 18 months. You can re-watch this video here and below, or read our summary here. It is clear that this isn't just the case in Cheltenham, but across all regions of Wales and the UK (with an exception perhaps in the some of the inner London areas).

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Whether you're buying or selling...

At go2mortgages, we know that the majority of people looking to buy a property don't take the advice of a mortgage broker. The Financial Reporter shared that half of millennials are remortgaging without advice. In fact, in the past two years nearly half (46%) of 25-44 year olds have remortgaged without the guidance of a financial or mortgage adviser, according to research from Paymentshield.

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Buying a property is a big deal. And it's not a 'one-size-fits-all' process. As mortgage advisors we have worked with clients with many different personal circumstances. We work closely with relevant lenders to get you the best deal possible. Some of these deals are also only accessible through our network - so what you find on google, may not be the best deal out there.

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A reminder of why to use a broker to sort your remortgage/mortgage/home purchase:

🔹We are experts

🔹We can source you the best deal for your circumstance

🔹We will manage the application and explain everything to you from start to finish

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Contact us 👇

go2mortgages are a family business based in Cheltenham, based on thirty years (+) experience. We provide advice on mortgages and insurances to clients nationally across all of the UK. Reach out to Liam, Phil or any one of the wonderful team on 01242 237866 or email on liam@go2-mortgages.co.uk , phil@go2-mortgages.co.uk