Almost 40% of UK properties selling for more than asking price

 

The strong buyer demand for UK properties that has characterised the whole of 2021 is still holding on as estate agents note a widening asking price to sale price gap. 

A new study by NAEA Propertymark looking at estate agents’ experiences in November has shown that appetite in the housing market is showing no signs of dying down. The number of UK properties on estate agent books has fallen to its lowest ever level of 20 homes per branch, which is a 50% drop on November 2020.

Meanwhile, buyer numbers went up between October and November by an average of 12%, says the report. A huge 571 prospective buyers were registered at each branch on average, meaning there are around 29 house hunters for every available property on the market at present.

UK properties seeing prices pushed up

The competitive nature of the housing sector has been supporting house price growth throughout the year. NAEA’s report shows that 38% of homes sold for more than their original asking price, compared to just 21% in October.

In November 2020, just 10% of UK properties sold for more than their asking price, which is a clear demonstration of how appetite in the market has soared this year.

Nathan Emerson, Chief Executive at Propertymark, said: “The pressure on the housing market and consequently house prices, is continuing at an unrelenting rate. However, heading into December, the market should start to slow. Those with a property to sell would be wise to act sooner rather than later as the level of demand is expected to continue into the first quarter of next year but cannot last forever.”

Predictions for 2022

The strength and resilience of the country’s property market has surprised many over the course of 2021. Many property investors have continued to expand their portfolios, while others have diversified into areas such as short-term rentals and holiday lets, or HMOs and student housing.

While momentum may begin to return to more normal levels next year, most forecasts predict a stable property market going forwards, which is good news for buyers and investors.

Rightmove believes average asking prices will increase by 5% in 2022. This could add around £17,000 to the average value of a property.

There may be more housing stock coming to the market, too, which will make things easier for buyers. It states that it has seen a 19% increase in the number of people requesting estate agent valuations via Rightmove in the past month, as people look at listing their properties in the new year.

Which areas will fare the best?

According to Rightmove, there are four key areas that are proving particularly popular among buyers right now. These are Scotland, the West Midlands, the south-west and Yorkshire & the Humber. The portal believes these areas could see around 7% house price growth in 2022.

Interestingly, other indices and housing market predictions have placed the north-west top of the list of places to expect the biggest house price growth. The region has led the way in this respect in recent years, as it becomes a more desirable place to live and invest thanks to ongoing regeneration and redevelopment. This is coupled with the surge in big businesses and companies relocating their and boosting employment prospects.

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

uk properties search property investment

Almost 40% of UK properties selling for more than asking price

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.