One in three UK properties sold for more than the asking price in April

A record 32% of property sellers were offered more than the asking price in April, the highest figure since records began (Propertymark).

The previous record was in May 2014 when 19% of property sales were agreed above the asking price.

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16 Buyers for Every Available Property

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Property buyers are facing challenges with the shortage in the supply of properties available to purchase with an average of 27 properties per estate agency branch, which is fuelling bidding wars and resulting in buyers paying over the asking price.

The demand from buyers is at the highest level for the month of April since 2004, with an average 427 buyers per estate agency branch. This means that there is an average of 16 buyers for every available property.

This can impact on mortgages if the property valuation is less than the buyer has agreed to pay, meaning that their deposit required is much higher.

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Highest Number of Sales Agreed

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The month of March saw the highest number of sales agreed for the month of March since 2007, with 27% of sales to first time buyers.

This can be attributed to a number of mortgage lenders offering mortgages with just a 5% deposit under the new Government scheme.

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How You Can Buy a Property at a Discount in a Sellers’ Market

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The re-sale property market is increasingly difficult for buy-to-let property investors to buy a good property at a reasonable price.

As a result more property investors are buying property off-plan, during construction, or, a recently completed property where prices are typically fixed and by paying a small reservation fee, you can get exclusivity for a month for you to exchange contracts on your selected property.

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Click here to explore our range of off-plan and recently completed buy-to-let property investments across the UK.

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