Agents say the pattern of sellers too nervous to enter the market is reminiscent of 2008, however figures provided by Propertymark’s most recent Housing Market report highlight that 40 per cent of properties are also being sold above asking price.
Despite the strength of the market, which is currently advantageous to sellers, there is a significantly reduced supply of stock available to prospective home seekers.
Notwithstanding recent headlines reporting a decrease in demand for houses, Propertymark members have reported an average of 19 buyers to each available property on the market, supporting sentiments that sellers are currently experiencing an advantageous residential property market.
Firstly, if you are serious about buying in the current market it’s all about being in a position to proceed. Very few people can buy without selling, so having a buyer waiting gives you an edge over those you may be competing with.
If you wait to find a property before putting your house on the market, the likelihood is the property will already have been sold by the time you secure an offer. It’s also important to remember that the average time being taken for a sale is around 16 weeks to exchange, that’s four months and the likelihood of not finding an onward property in that time is very small.
House prices continue to rise as buyers outweigh sellers 19 to one
A combination of the Stamp Duty Tax holiday, which transitioned to a new phase at the end of June, as well as a nationwide shift in lifestyle needs during the pandemic bred record-breaking sales.
