What’s happening in house sales?

November 4, 2021

Enable’s IFAs in Bishop’s Stortford have also noticed that the number of homes selling above the asking price has fallen. According to September data from the National Association of Estate Agents Propertymark, the market appears to be softening.

“Sales being agreed has increased, but the number of sales achieving over the asking price has reduced, meaning we may start to see an end to the bidding wars that have been so prevalent.” Say NAEA.

The number of properties achieving prices over the asking price dropped from 37% in August to 27% meaning that this could signal the end of bidding wars that always make it hard for those trying to secure a home and pin down the right mortgage.

Nathan Emerson, chief executive of Propertymark, commented: “Figures from September tell an interesting story of a market that may be beginning to shift. Sales being agreed has increased, but the number of sales achieving over the asking price has reduced, meaning we may start to see an end to the bidding wars that have been so prevalent.”

“It’s also interesting to note that although the number of properties available to buy is lower than we have seen before in September, it hasn’t dropped since August meaning that just enough properties are coming to market to satisfy demand.”

The current low figures seem to indicate the “unrelenting demand” in housing meaning properties are being sold faster than new ones are coming to market.

It is always difficult to predict and or read the housing market, there are so many factors involved. If you are looking to become a first-time buyer and want to be in your own home sometime soon it is always a good idea to secure your mortgage. Enable’s IFAs can help you look at all the options and help you find ways of holding onto your borrowing in a housing market that is not always easy to work with.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

https://www.financialreporter.co.uk/finance-news/number-of-homes-selling-above-asking-price-falls-as-market-softens-naea.html

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