Rightmove have today published their House Price Index for October 2021 and it reveals some key trends, including:

• Price of property coming to market jumps by 1.8% (+£5,983) this month, the biggest rise at this time of year since October 2015
• Market delivers a ‘full house’ for first time since March 2007, with price records in all regions of Great Britain and in all property market sectors (first-time buyer, second stepper and top of the ladder) with all market sectors and all regions of Great Britain having hit new record price highs in the same month.
• Strong housing market fundamentals and a window of opportunity to buy before a potential interest rate rise keeps activity robust despite end of final stamp duty incentive:
  • Number of sales being agreed was up 15.2% in September, versus 2019’s ‘normal market’ comparison
  • Number of new properties coming to market ticks up compared to summer, but not enough to satisfy strong autumn demand from buyers
  • 2021 has been the year of the power buyer – those with their property already sold subject to contract or who have nothing to sell – and thus have the best negotiating hand to secure their ideal home in these ‘full house’ market conditions. The window is also open for movers who wish to sell and buy again before a likely interest rate rise, which is widely expected as the Bank of England seeks to control resurgent inflation.

Here on the Isle of Wight, we are certainly seeing a huge demand for all properties, from fist time buyer or investment properties, right the way through to million pound plus homes. If you have been thinking about selling your home, now is still a perfect time as the demand is high and currently, interest rates remain favourable. If you would like a free, no obligation market appraisal of your home, Hose Rhodes Dickson can help, as the Island’s top selling agent, we sell more than any other Island-based estate agent. Click here to book a market valuation of your home.