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Homes Are Moving Well In Current Market

June 24th 2021
By: Intercounty
Homes Are Moving Well In Current Market

At Intercounty, we know many homeowners dream of selling their home above the asking price. Of course, this is easier said than done, and most vendors don’t achieve this.

However, given the circumstances of the current market, this is an outcome which is happening more and more. If you want help from a specialist local estate agent, get in touch, and we will do everything we can to assist you in the housing market.

Properties Selling Above Asking Price

In information provided by NAEA Propertymark, the number of properties selling over and above the asking price reached an all-time high during April 2021.

  • 32% of properties sold for more than their asking price in April 2021.

  • This is the highest percentage of properties sold for more than their asking price

  • This figure is double the level of March 2021, where 16% of properties sold for more than their asking price

  • The previous highest figure for homes selling above their asking price was 19%, and this occurred in May 2013

There is significant demand for housing

  • The average number of property hunters registered per estate agent branch was 427 in April 2021

  • This is an increase on the 409 listed in March 2021

  • It is the highest figure for April since 2003, when there was an average of 487 house hunters registered per branch

  • There was an average of 27 properties available per branch for April 2021

  • This is a drop on the March 2021 figure, which stood at 31

  • The April 2021 figure is the lowest since December 2002, when there were just 25 properties per branch

How is the local market faring?

According to Rightmove, as of June 2021, the Bishop’s Stortford housing market can be described as such:

Properties in Bishop's Stortford had an overall average price of £460,072 over the last year.

The majority of sales in Bishop's Stortford during the last year were detached properties, selling for an average price of £622,168. Semi-detached properties sold for an average of £448,477, with terraced properties fetching £348,461.

Overall, sold prices in Bishop's Stortford over the last year were 2% up on the previous year and 3% up on the 2018 peak of £445,604.”

There is consistency with agreed sales

  • The average number of property sales agreed was 12 in April 2021

  • The March 2021 figure was also 12

  • This is the highest April figure since April 2007, where there were 13 sales agreed per branch

  • The number of sales made to first-time buyers for April 2021 stood at 27%

  • The number of sales made to first-time buyers for March 2021 was also 27%

Mark Hayward, Chief Policy Advisor, Propertymark comments: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices. We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower-income buyers, although the Governments First Homes initiative will be a much-needed boost.”

For property sector enquiries in Bishop’s Stortford, please feel free to call us on 01279 757250 or why not email us at bishopsstortford@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move.