Record numbers of properties on the market are selling above their desired price as many are putting in a house offer over asking price to ensure they secure the property. A report showing from August has revealed. Despite the summer lull, a reported 37 per cent of properties have sold for above their original asking price, which is 31 per cent up on July and the highest recorded figure for August on record.
In August 2020, it was reported that only 13 per cent of properties breached the above asking price on a sale. Sales agreed were down from 10 in July to 9 per branch in August, along with a drop in the number of properties available from 28 to 23 per branch in that period.
As it currently stands, there are 19 buyers for each property currently available on the market. First-time buyers provided a sale has reached its highest level since June 2020 with a rise of 28 per cent from 20 the previous month.
With the increase in buyer demand, the average number of house hunters registered per estate agency is at 435, up from July’s figure of 428. This is a 10 per cent increase from a year prior when demand was at 396.
The enduring appetite among buyers, including the ongoing swath of new buyers eager to secure their first homes, is setting a race against the supply chain which is struggling to meet demand.
With lifestyle changes fuelling the need to secure a new home, buyers are putting in a house offer over asking price to ensure they secure the property as they are looking to upscale for a future that provides a different setting than they are typically used to. The desire for green space, home office ability and flexible living is something that will be a drive for moving into new properties for many years to come.
Buyer demand is currently double of pre-pandemic levels per property, with the average time to secure a buyer being 37 days in August. With the sector playing catch up with the stock at record lows, signs of a better-balanced Autumn season are starting to weigh in with September’s early weeks showcasing new sellers stepping up at 14% higher than August.
As Autumn is typically a busy period for the housing sector, sellers who have hesitated so far-seeing this as an opportunity to get plans underway. With several quick sales offers open to them as soon as they list their properties, it may become the hottest item for Christmas in December.
With the frantic activity of people wanting to buy property in Stockport and those preparing to make plans in how to sell a house, it is no surprise that estate agents Stockport are finding it a race against time to get people into their homes.
Contact the team at Joules Estate agents in Stockport for all buying and selling property enquiries.