Truth about house market boom as 13 buyers battle for each home

An average of 13 buyers compete for each home listed as Demand for UK Homes.

It is reported that buyers are taking extreme measures to secure a home with potential buyers living in trailers near developments and following agents in cars to property.

The agreed sales rose 57 percent last month compared to April 2019. MailOnline Reports.

Mark Hayward, chief advisor to the NAEA propertymark lobby group of real estate agents, said, “It’s pretty aggressive out there. Some people are moving into rental properties so they can move very quickly.

“There are people who move into trailers and live in the area so they can get in touch quickly when something comes on the market. We have had cases where potential buyers have actually followed agents in cars to homes to be the first can be in line.

“Others direct buyers to search the market for real estate on their behalf.”

According to real estate analyst TwentyCi, more than 157,000 sales were completed in the past month.

The booming market was aided by rock bottom interest rates and the stamp duty vacation for homes under £ 500,000, which Chancellor Rishi Sunak extended until the end of June.

Meanwhile, a Zoopla spokesperson reported that many buyers were focusing on three or four bedroom homes, with one room doubling as a home office.

Nicky Stevenson of Real Estate Agent Fine & Country said, “The market is turbulent. There is a lot of demand for real estate and a significant lack of supply.”

She said a recently listed property in Warwickshire had a target price of £ 2.25 million. There were 16 viewings in a matter of days and it sold for £ 100,000 above the asking price.

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

Beth Rudolf, of the Conveyancing Association, said there was more to be learned from Scotland, where transaction times averaged just six to eight weeks, compared to 22 weeks in England.

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