PROPERTY SPECIAL
The Insider Tips on The Local House Market Right Now More buyers are bidding over the asking price for properties than at any point in the last seven years. The UK’s property market is flying at the moment, with buyers battling to secure sought-after homes before the end of the stamp duty holiday. But is now a good time to sell locally? New research by NAEA Propertymark found one in six properties (16%) sold for more than their asking price in March – the highest proportion recorded in seven years. In the same month, a third of properties (33%) sold for below their asking price, the lowest proportion since NAEA started keeping records. The estate agency group says there are currently 13 buyers for each home on the market, as the stamp duty holiday continues to entice buyers.
So we gathered a group of the most experienced local experts to talk specifically about what’s happening in our own market, to see what’s selling and who’s buying:
How are things looking in the property market currently? The impression to the public is that it is booming, and being an estate agent right now is an easy life: is this a misconception? Roderick Thomas, owner of Roderick Thomas Estate Agents didn’t hesitate: “The market is booming and should, and generally does, reflect in the estate agency business. A vigorous market involves agents working harder and faster to respond to more enquiries, carry out more viewings and negotiate and agree more sales. All very exciting, great for the economy and local employment - we’re currently recruiting to expand our staff across both branches. Ashley Rawlings, head of residential sales at Savills Wimborne agrees “There is undoubtedly a strong country market at the moment, driven by the pandemic. More recently, the activity is being further boosted by a lack of stock. The age old factors remain the same for agents, though: it’s one thing to agree a sale, it’s quite another to see it through to exchange and completion. Just because the market is busy doesn’t mean there won’t be any unexpected
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Cottage at Milton Abbas £495,000 - currently under offer at Savills
hitches that could threaten to derail the process. Knowing how to handle any difficulties and keep the sale on track is the mark of a good agent. Simon Neville-Jones, Branch Manager at Lodestone Shaftesbury also commented on the hectic market “We have multiple buyers for many of the houses we have listed over the last year. Several of our houses followed by best bids have attracted at least 30 viewings within days of being added to the market.”
Susie Palin, head of Meyers Blandford, said “The toughest issue we have is lack of housing stock available to a high volume of buyers; currently in certain situations, vendors have to be ‘under offer’ or cash buyers in order to even view a house which has meant that there is a level of reluctance for some wouldbe sellers to put their houses on the market for fear of having nowhere to go. It’s a real chicken and egg scenario at the moment balancing both vendor and buyer expectations. Always free - subscribe here
