More buyers are bidding over the asking price for properties than at any point in the last seven years. The UK’s property market was certainly flying at the start of 2022, with buyers battling to secure sought-after homes before the end of the stamp duty holiday. But is now really the time to take the leap? Here, Which? analyses what’s happening to house prices and mortgages to help you decide whether to make a move in a hot market, or wait until things cool down.
Buyers compete for properties as demand rises
New research by NAEA Propertymark found one in six properties (16%) sold for more than their asking price in March – the highest proportion recorded in seven years. In the same month, a third of properties (33%) sold for below their asking price, the lowest proportion since NAEA started keeping records. The estate agency group says there are currently 13 buyers for each home on the market, as the stamp duty holiday continues to entice buyers. Mark Hayward of Propertymark says: ‘The pandemic has meant many homeowners living in urban and city areas have reconsidered their lifestyle and 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.’
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