Twindig Housing Market Index (HMI) - 10 April 21
The Twindig Housing Market Index rose by 3.4% this week to 92.4 its highest level since 28 February 2020. Investor confidence in the was buoyed by record house prices reported by the Halifax House Price Index, robust near term commentary from RICS and the anticipation of increased housing market activity as we enter the next stage of unlocking lockdown on 12 April 2021.
It is hoped that the easing of lockdown will see more home sellers come to the market as current demand is significantly outstripping supply, maintaining upward pressure on UK house prices. Even in the face of stock shortages Winkworth estate agents this week reported it had a healthy pipeline and a backlog of transactions to complete, suggesting that although supply of homes for sale is an issue, there are capacity constraints within the industry and the buying and selling process is taking longer and longer to complete. These bottlenecks have led to the Conveyancing Association for homesellers to get 'sale ready' and prepare their documentation in advance of coming to the market. Twindig offers a secure online facility for homeowners to file the required documents as well as a handy guide explaining what documents will be needed in order to complete the sale of your home.
We will be hoping that the gradual lifting of lockdown helps boost other sectors in the economy because it is difficult to see how the housing market can sustain its current momentum in the longer run if the rest of the UK economy remains in the doldrums.