20% Of Property Buyers Are
Willing To Pay Premium Prices
One in five buyers willingly paid more than the original asking price for a residential property during the month of March, as the competition in the UK property sales market continues to heat up, according to the latest data published by the National Association of Estate Agents (NAEA).
According to the NAEA data, the average number of residential properties available for purchase through estate agencies across the UK has fallen for the sixth consecutive month (March 2014) resulting in the number of properties available for sale reaching an almost a 10-year low.But the shortage of available housing stock has not deterred the number of property sales agreed per estate agent branch, with figures rising to an average of 10 property transactions during the month.
The combination of a limited property supply coming to market and fierce competition amongst willing buyers has resulted in 19% of available residential properties selling for more than their original asking prices.
President of National Association of Estate Agents, Jan Hÿtch, said:“The supply crisis continues to deepen, and the Government must act now to offer house hunters hope in an increasingly congested market. Current conditions mean that in just a few months we’ve seen a large increase in the amount of people willing to offer over market price to secure homes.”
Property investors and residential buyers can still find plenty of properties at reduced prices if they are willing to do a little bit of thorough research in their chosen area, it’s all down to what value you can lock in upon purchase rather than buying and looking to turn a profit instantly.
It is about buying the worst property in the best street and reinvigorating it, this way you will be adding value with a little maintenance and repair whilst making a deserved income from tenants paying a fair market rent, a real WIN/WIN situation.
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