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Britain’s booming property market sees 13 buyers for EVERY home on sale

Britain’s booming property market sees 13 buyers for EVERY home on sale…

  • Agreed sales last month were up 57 per cent compared with April 2019
  • Many estate agents now immediately ask prospective buyers for their ‘best and final offer’ to ward off gazumping
  • Experts said the industry was working around the clock, and buyers were resorting to extreme measures to secure a home
  • Surge in demand has largely been driven by ultra-low interest rates and the stamp duty holiday on homes under £500,000

Britain’s booming property market is producing record sales figures, with an average of 13 buyers for every home that gets listed.

Agreed sales last month were up 57 per cent compared with April 2019, with many estate agents now immediately asking prospective buyers for their ‘best and final offer’ to ward off gazumping.

Mark Hayward, chief policy adviser at estate agents’ lobby group NAEA Propertymark, said: ‘It’s quite aggressive out there. Some people are moving into rented property so they can move very quickly.

‘There are people moving into caravans and living in the area so they can be quick to pounce if something comes on the market. 

In April, more than 157,000 sales were agreed, according to figures compiled by property analysts TwentyCi.

The surge in demand has largely been driven by ultra-low interest rates and the stamp duty holiday on homes under £500,000, which has been extended to the end of June by Chancellor Rishi Sunak. 

The pandemic has also seen people reassess their living space, with a Zoopla spokesman saying that recent demand was focused on three and four-bedroom homes, with one doubling as a home office.

House prices are also rising at the fastest rate since 2004 – up 2.1 per cent in April to a national average of £238,831, according to lender Nationwide.

Credit: Daily Mail