What does the supply-demand imbalance mean for you?
Vendors have benefited from the supply-demand imbalance seen across the market in 2021, with 40% of properties selling above their original asking price, making conditions optimal for selling.
What makes conditions optimal this autumn?
1) Low stock
Due to the pandemic, many people were put off selling their homes whilst the construction of new build properties came to a halt, causing a dip in housing stock.
This means that the homes currently on the market are being snapped up faster, with serious buyers putting offers in much sooner than they otherwise might have done.
2) Increased demand
With UK restrictions easing, buyers are now competing for properties, with 36% of homes attracting offers from three or more buyers.*
Many who originally put off moving due to the pandemic are now looking to relocate, causing a huge increase in demand and sparking bidding wars between buyers.
3) Mortgage rates
With the number of available UK mortgages on the rise, lenders are competing to attract more customers with low-interest rates and low-deposit mortgages, giving buyers more choice than ever when it comes to choosing the correct financial option for them.
Need a helping hand selling your home? Get in touch with our team today.
*Property Reporter and Which?
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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