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Laura Gittins
27/05/2021 15:59
Sellers boosted as number of homes sold over asking price hits seven-year high
When selling a property, most people will be looking for a combination of three things: a quick sale, a hassle-free process and to achieve the best possible price.
A smooth transaction can't always be guaranteed, but sellers can improve their chances of things going off without a hitch by working with a proactive local estate agent and being highly organised.
Selling quickly and for the highest possible price often go hand in hand. It has been no secret that the property market has been booming over the last year thanks to very favourable buying and selling conditions.
The latest data from NAEA Propertymark shows that as a result of this boom, more people have been selling their properties above asking price in recent months.
Below is an overview of all the figures you need to know and analysis of why the market is set to continue booming through the summer...
Number of properties sold over asking price surges
In March, 16% of properties sold for more than the original asking price, according to NAEA Propertymark's latest Housing Market Report.
This is up from 11% in February and is the highest figure recorded since May 2014, when 19% of properties sold above asking price.
Meanwhile, a third of properties sold for less than asking price, the lowest number since records began. This shows that even if sellers aren't selling above their asking price, their chances of striking a deal for their original price are higher now than ever before.
The overall number of sales has also continued to rise, standing at 12 in March, up from 11 in February. On an annual basis, this figure is the highest recorded for the month of March since 2007 when it was also 12.
A sure sign that the market has been booming and conditions are improving all the time, the number of sales agreed per branch has increased consecutively each month since December 2020.
Meanwhile, the figures for supply and demand show that it is still very much a seller's market. The average number of house hunters registered per estate agent branch was 409 in March, up from 388 in February.
At the same time, the number of available properties per branch dropped to 31 in March, down from 34 the previous month. This equates to an average of 13 prospective buyers for every available property on the market.
With demand continuing to outweigh supply, sellers have a vastly improved chance of selling quickly and for asking price or above.
Why the property boom looks set to continue
The housing market has been able to perform strongly over the last year for a variety of reasons. Firstly, the initial lockdown in spring 2020 saw the property market close for seven weeks.
When it reopened in mid-May, there was a huge amount of pent-up demand released as people who wanted to move home were able to do so once more. On top of this, a new set of buyers and sellers entered the market at this time after realising during lockdown that they weren't happy with their current living situation.
In July 2020, the Chancellor introduced the stamp duty holiday, which provided a massive boost to buyer demand and in turn encouraged more people to sell.
The stamp duty holiday was set to end on March 31 2021. However, it was announced as part of the Budget in March that it would be extended until June 30. The tax cut will also continue in a reduced form until the end of September.
During the same Budget, it was also announced that the government was launching a 95% mortgage guarantee scheme to help more people purchase a home with a lower deposit.
These measures have helped to sustain activity in recent weeks, something which has also been positively affected by the gradual easing of lockdown restrictions and the successful rollout of the Covid-19 vaccine.
These events have been taking place at a time when the property market is traditionally busy as people look to get out and about and start viewing more properties as the weather improves.
It is this combination of factors that has created such favourable moving conditions and subsequently contributed towards record figures like those outlined above.
As we move through the spring and into the summer, there is no better time to buy or sell a property - particualrly now the 95% mortgage guarantee scheme has been launched and the stamp duty holiday remains in play.
Those homeowners who put their properties on the market now can benefit from high levels of demand and increase their chances of a quick and hassle-free transaction at asking price or above.
Here at Farrell Heyworth, our team are on hand to advise you on any part of the moving process and can provide you with a virtual property appraisal. You can also kickstart the sales or letting process by requesting a free and instant online valuation.
We are doing all we can to help our customers navigate moving home under Covid-19 restrictions safely. You can read more about our safe and responsible service here.
We encourage all our customers to register with our My FH portal, which will give you access to the most up-to-date information; remotely and at your convenience.