Property Market Continues to Thrive
2nd June 2021
2nd June 2021
It’s no mystery that the property market is facing a sudden increase in demand, and buyers are beginning to feel the pressure.
BBC Wales has reported that in recent months, it appears that there are a growing number of property buyers making offers on homes before viewing them. The reason behind this is to gain a competitive advantage during a time where the market is facing an increase in the growing need for properties.
The rise in demand has come from families wanting to find bigger homes because of the most recent COVID-19 lockdown, as well as people wanting to meet the Stamp Duty Land Tax deadline of 30th June 2021 (for properties under £250,000, the deadline is September)
Hamptons released research that found that during the first quarter of 2021, more than a third of property sales were subject to multiple offers. More specifically, the study claiming that 36% of home sold by the company in the first quarter of 2021, received offers from at least 3 buyers.
With seller facing more offers on their properties, buyers are finding themselves in competitive bidding wars to try and gain the competitive edge. This leads to buyers paying over the asking price for residences.
Propertymark, an organisation which focuses on helping those who are buying, selling or renting their homes, released seperate data which revealed that one in three properties sold for more than the asking price in April.
In April. it was recorded that the number of properties selling over the asking price had hit a record high. Data showed that 32% of properties sold for more than the original asking price compared to March where only 16% sold over the initial asking price.
Mark Hayward, Chief Policy Advisor at Propertymark, said: "It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post Covid economy. However, the continued imblance of supply and demand is a concern and has led to a strong seller' market with properties being snapped up quickly at high prices."
It's a good job that we offer services and channels to help buyers with the competitive market!
Firstly, we offer an off-book selling service (currently only running at our Sheffield branch) for those wanting to gain the competitive edge in the property market.
We’ve been off-book selling for 2 years now and it has been a success in finding our clients the best property for them. By registering your interest with us, our property experts will handpick homes that meet your needs and then we will contact you to tell you about these houses. From there, you decide whether you would like to view it. The best part about this service is that houses you choose to view ‘off-books’ haven’t gone live on the market, which gets you ahead of the competition!
To help further with the ever-increasing demand, we upload frequently to our social media channels. We like to keep you constantly informed of properties as soon as they come onto the market. Not only this, we frequently upload property tours to our YouTube channel so you are able to view properties from the comfort of your own home.
We should mention that although we understand the pressure that buyers are currently under, everyone here at ELR strongly recommends that you view a proeprty in person prior to making an offer. It's the best way to see the potential in your future home as well as truly appreicating the features.
If you're interested in our off-book selling service, then please contact James Ross either by email (email@example.com) or call us at 0113 268 3388.
Of if you fancy taking a look at some online viewings for properties, then head to our YouTube channel: https://www.youtube.com/channel/UC1FT1vivgBm7k5qjsre5vrQ