Exciting confidence in the housing market
According to a report from property researchers Hometrack buyers are paying the highest proportion of asking prices seen for a decade; the proportion of asking price paid in March was 96.2%, the highest since 2004. Indeed, across England and Wales, the length of time properties are typically spending on the market before being snapped up has dropped to just under eight weeks for the first time since 2007. In London, sellers are getting around 99.3 per cent of their asking price and across every region the figure is above 93 per cent.
Hometrack however gave a cautionary word on house price rises, reported as saying they rose 0.6% in March, down from 0.7% in February, yet demand for properties grew 6.6% in March – which it measures by new buyers registering with agents – and supply rose 1.9%, based on new listings.
But this is not in all areas, such as the north, north-west, Yorkshire and Humberside and east Midlands seeing price growth of less than 2% – though Yorkshire has seen the highest percentage rise in sales agreed in March compared with February.
Whether it is foreign investors, the Government's Help to Buy scheme or greater public confidence from lower unemployment and higher growth, the property market has exciting times ahead for buyer and sellers.