1 in 5 buyers pay over asking price for UK homes
Fri 02 May 2014
The UK housing market continues to see prices climb as low supply levels fail to meet growing demand. Indeed, the amount of property for sale on the market fell in March 2014 for the sixth month in a row, according to the NAEA. At the same time, the average number of sales increased per branch from nine to 10 month-on-month.
Together, that dwindling stock and rising interest from buyers means that competition is heating up for the houses that are available.
As a result, 19 per cent of buyers paid above the asking price for a home. The supply crisis continues to deepen and [the] government must act now to offer house hunters hope in an increasingly congested market," Jan Htch, President of the National Association of Estate Agents, tells Estate
Agent Today "Current conditions mean that in just a few months weve seen a large increase in the amount of people willing to offer over market price."
Would you be prepared to above the asking price just to get on the property ladder?
Cost of three-bed homes in London rise 700 a day
The UK housing market is going through a period of rapid price rises, as the imbalance between supply and demand results in a string of extreme headline statistics. The latest is that the value of three-bed homes in the prime London market has risen by over 700 a day in the last 12 months, according to Marsh & Parsons.
The estate agency's report reveals that three-bedroom properties in prime London have appreciated in price by 19 per cent in the last year, to an average current price of 1,670,339, while prime London property overall has risen by 4.3 per cent in the last quarter.
If that rate of increase were to continue, the average cost of a prime London home would exceed 2 million by 2016.