Strong buyer demand for UK houses is still holding on as estate agents confirm a widening asking price to sale price gap, with a rise in properties selling for more than their asking price.
A new study by NAEA Propertymark has found that the increasing gap in supply and demand shows no signs of slowing down. The number of UK properties for sale was down by 50%* last year.
Meanwhile, buyer numbers went up by 12%*, meaning there are 29 house hunters for every available property on the market, making now the ideal time to sell your property.
According to research, buyers are keen to move quickly too, with a quarter of sellers receiving an offer within just one week of putting their home on the market, and 40% accepting an offer on their home within just two weeks.
NAEA’s report shows that 38%* of homes sold for more than their original asking price, which is up by almost 20%* in two months. In November 2020, just 10%* of properties sold for more than their asking price, which is a clear sign of the soaring housing market in 2022.
Additionally, asking prices are set to increase this year. Rightmove believes that average asking prices will increase by 5%* this year. This could add around £17,000 to the average value of a property, making 2022 a fruitful year for the property market.
CEO of Propertymark, says: "The pressure on the housing market and, consequently, house prices is continuing at an unrelenting rate."
"Those with a property to sell would be wise to act sooner rather than later as the level of demand is expected to continue into the first quarter of next year but cannot last forever."
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*According to a NAEA Propertymark study