Seven year high for UK house sales

July 17th 2017
By: Melanie
Seven year high for UK house sales

Despite all of the doom and gloom in the economy we are constantly bombarded with by news sources, Rightmove, one of the largest the property portals in the UK has announced that buyer demand continues to outweigh supply.

They state that this current development comes from the lack of property available in the market place, which has resulted in 45% of estate agents property stock being sold subject to contract, the highest they state since 2010.

However they have also reported that asking prices remain stagnant, up by 0.1% to £361,4211 which has made it imperative for sellers to go with agents, such as Intercounty who have an in-depth knowledge of the local market so that they can give an accurate house asking price and achieve a sale. Those houses which are not priced accurately tend to stay on the market and achieve an even lower price than if they had been priced at the correct price initially.

Miles Shipside, Rightmove’s director, stated: “Prices are in the summer doldrums.Sellers coming to market at this time of year have to price more keenly as the traditionally bubblier spring selling season is over and prospective buyers are distracted by their own summer holiday plans.

“A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong.

“Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45%, have sold signs slapped across them.”

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