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One In Five Property Buyers Pay Over The Asking Price To Secure Purchases

One In Five Property Buyers Pay Over The Asking Price To Secure Purchases

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.

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Figures published last week show that the premium paid by buyers of new UK residential properties has widened dramatically following a 6.1% rise in prices of new-build properties over the last 12 months.

The website Smartnewhomes reported that the average price of a new build residential property was £228,909 in January 2012.

The UK Land Registry reported that the average residential property price in England and Wales for the same month was £161,545 – an annual drop of 1%.

The Land Registry’s survey is based on all residential property transactions, including new build homes, but excluding property repossessions and property sold at auctions.

It means that the premium paid by UK residential property buyers for new build properties is more than £67,364.

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