house offer over asking price

Asking Prices At Record High

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.

Record Figures

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.

Fuelled Interest

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.

Autumn Buzz

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.

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when is the best time to sell a house

What Keeps You From Making the Move?

With the record sales of housing in 2021 continuing on a path into 2022, and demand still outweighing supply as it currently stands, there are still people who not only are holding out on their decision to buy property in Stockport but also those holding out on movements towards selling a property, and wondering when is the best time to sell a house.

There may be many reasons behind some people’s hesitation to either getting on the property ladder or keeping their home off the market at this time or at least some key concerns that may not be being addressed to satisfy the movement of action.

Predictable Cycles

The typical calendar year follows a predictable cycle where the average house price in the Autumn months – September, October and November – would usually sit at around £240k. Always a busy time of the year, this goes a long way to explain why prices and demand hold steady whilst Christmas plans begin to come into play and the last grasp at a sunny getaway start to take priorities.

The Winter months – December, January and February – sees the average house price climb even further, typically to around £243k. Whilst some feel the colder period combined with the holiday season is not ideal for moving, those looking to sell find a slight increase in price looking to sell. Although those looking to sell could be looking at the windfall of selling their homes in the Spring months – March, April and May – when prices hit an average high of £245k and people are generally more motivated to begin the purchases before the summer rushes take effect.

As the summer rolls around, there is typically a decline in interest in sales due to the average price of around £237k and people are more interested in spending on lavish getaways than securing a house.

The Time Being Right

Many people are unsure due to the instability they feel in the UK right now, especially when it comes to employment, Covid variants and the sudden switching and uncertainty regarding the UK landscape.

Many people choose to sit it out and feel a sense of risk aversion, unsure if the sale of a house will fall through or a mortgage will be denied due to factors over the last year affecting earnings and eligibility. Many people do not want to face a reality that they may not be able to join the many currently taking full advantage of the UK market for housing opportunities, or suddenly not get a sale on a house for a price they want.

At this moment in time, there is no better time than to get things moving, and with the right personalised guidance and approach from independent estate agents Stockport, you can be sure that the results have a more sensitive approach to your concerns.

When is the best time to sell a house? Contact the team at Joules estate agents Stockport today for peace of mind on the right rung of the housing ladder.

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booming housing markets

Market Boom Set For Long Haul

2021 has been a year of unforeseen highs and expected impending lows for the housing market, with uncertainty being a shadow over the UK and how supply and demand will balance the scales following the end of the stamp duty deadline. As of right now, the strength of the booming housing markets are expected to carry through to 2022 due to the ongoing stock shortage.

Strong Signs

Whilst the reduced level of activity following the deadline of June 30 has been noted by most, the signs of the booming housing markets remaining strong have come from a variety of sources.

The stock of homes for sale is down 26.4 per cent compared to the 2020 average, with the low supply set to have an imprint on the market well into 2022. Also of note is the fact that properties are selling at a much faster volume, with the average time nearly at half of 2019 at 26 days. 2019 was averaged at around 49 days.

The increase in sales numbers over the past 12 months has seen one in twenty homes changing hands compared to one in twenty-five from 2019, with the stock shortage at its worst for homes priced up to £350k. Family homes supply has found itself much more stretched with average house prices rising 7.6 per cent in the past year, whilst flats increased by only 1.2 per cent on average.

First-Time Buyers

New listings on the market are now running around 5 per cent below average, whilst increased activity from first-time buyers and investors is absorbing stock that is struggling to replenish.

First-time buyers have been on an active increase throughout 2021, backed by lenders who have been able to reintroduce higher Loan to Value mortgages. Investor demand has gone up 21 per cent due to the boost of stamp duty relief and the supply of new homes, which slowed due to the construction industry hiatus during the first lockdown, is down 11 per cent.

Whilst supply has started back strong, the dip has had an impact on the volume of available properties to buy.

Stockport Satisfaction

For estate agents Stockport, the post-pandemic reassessment of the home has provided a larger increase in business for those looking for more natural and rural surroundings, which has created a higher than usual demand for affordable housing in and around Stockport.

As 2022 edges closer, the strong start to the year and expected seasonal trends will be expected to present more usual levels of activity among first-time buyers, with even more for those looking at how to sell a house standing to get greater levels of interest.

Even with the surge in activity and struggle to meet demand present, those looking to buy property in Stockport can contact the team at Joules today, the number one independent estate agents Stockport.

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