11 buyers chase every property on sale

26OCT

11 buyers chase every property on sale

Thu 26 Oct 2017 by Frances Traynor

An astonishing 11 buyers are chasing every property on the market, according to UK estate agents.

The figures – from the National Association of Estate Agents Propertymark (NAEA) – confirms that housing demand remains extremely high.

According to their Monthly UK Housing Market report, there were fewer properties on the market in January but more buyers than before. The average number of houses on the books of an estate agent was 38 in January, but with more house hunters browsing for a new home than ever before – up 10 percent on December – it means 11 prospective buyers were chasing each available property.

The monthly survey also revealed that more than one in 20 properties was eventually sold for more than the original asking price.

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Demand on the up as supply slows

The NAEA's figures are further confirmation that the supply of UK properties is slowing while demand continues to rise, a point emphasised by the NAEA Propertymark chief executive Mark Hayward in the report.

He said: "The increase in the number of properties selling for more than asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand."

Smart house hunters will know they need to gain an edge in securing their ideal property. Engaging a solicitor or conveyancer through Homeward Legal is one way to get ahead.

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