14:54 PM, 25th May 2021, About 3 years ago
Propertymark’s latest Housing Market Report has indicated that a record 32% of properties sold for more than the original asking price. This smashes the previous record back in May 2014 of 19%.
Propertymark Chief Policy Advisor, Mark Hayward, said: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-COVID-19 economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices.
“We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower-income buyers, although the UK Governments First Homes initiative will be a much-needed boost.”
The report shows the imbalance of supply and demand with the supply of properties the lowest recorded since December 2002 at 27 available for sale per branch and the average number of house hunters registered per estate agent branch at 427.
This is the highest level of demand since April 2004 with 487 house hunters for each branch and leaves on average 16 buyers for every available property on the market.
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