Not since 2007 have estate agents recorded as many sales as they did in March 2021. On average, figures supplied to the National Association of Estate Agents Propertymark (NAEA) say 12 sales per agency branch have been agreed in March matching the same figure back in 2007.
Reflecting the UK wide trend of more buyers than properties for sale, where a property on the market is being chased by on average 13 buyers, in our local territory, Homes is seeing serious buyers frustrated at the lack of supply, which is pushing up local property prices.
We certainly have no shortage of buyers all ready to proceed, so if people are contemplating getting a valuation and putting their home on the market, they should act now. The reasons are compelling – they will attract immediate interest and the timeframe between a property going on the market, an offer and sale agreed is currently only taking around 14 days.
Right now, the period when a vendor has to keep everything tidy for property viewings, is far less stressful and short-lived. Asking prices are being achieved and exceeded; budgets go further, enabling sellers to feel confident when moving ahead with their onward purchase. So yes now is an excellent time to sell.
Mark Hayward, Chief policy advisor at Propertymark said, according to estate agents: “One in six (16%) homes were snapped up in March for more money than the amounts that sellers were originally asking for.”
It marked the highest proportion of homes selling for above the asking price in about seven years. The total number of property sales agreed for the month of March was the highest since 2007.
NAEA Propertymark said the 16% of properties selling for over the asking price in March was the highest figure since May 2014, when 19% of properties sold for more than the original asking price. In February 2021, just over one in 10 (11%) of properties had been selling for over the asking price.
A third (33%) of homes sold for less than the original asking price in March, which is the lowest figure since records started.
First time buyers accounted for over 27% of sales in March – the highest figure since June 2020.
Mark Hayward at Propertymark NAEA commented: “The pandemic has meant many homeowners have reconsidered their lifestyle. They are reprioritising how and where they want to live, especially with working from home becoming the new normal.
“The imbalance of supply and demand means it’s an extremely strong sellers’ market; properties are selling quickly and for over the asking price, and this is something we expect will continue in the coming months.”