House prices continue to rise as buyers outweigh sellers 19 to one

House prices continue to rise as buyers outweigh sellers 19 to one, according to the latest statistics for the market by Rightmove.

A combination of the Stamp Duty Tax holiday, which transitioned to a new phase at the end of June, as well as a nationwide shift in lifestyle needs during the pandemic bred record-breaking sales.

Figures released by Rightmove have indicated that while there have been 140,000 more sales agreed than the long-term average, there has also been 85,000 fewer new listings which has helped to create a shortfall of 225,000 properties on the market.

This discovery is also supported by Propertymark’s monthly Housing Market Report which highlighted that there was an average of 19 buyers to every property on the market for the month of June.

Future housing stock

The lack of housing stock compared to the appetite of buyers has encouraged the record-breaking hike in property prices that the market has experienced this year, with Propertymark members reporting that 40 per cent of properties had sold for more than the original asking price during June.

Liana Loporto Brown, NAEA Propertymark President, said:

“The level of buying activity we have experienced throughout June is remarkable, especially as we have seen three months of consecutively record-breaking rise in house prices.

“While June was definitely the busiest month for sellers across the UK, it’s worth noting that as we return to normality – that is, as covid restrictions are lifted and the stamp duty holiday continues to be phased out – it is likely that the market will once again restore some balance for prospective buyers.”

Support for prospective sellers

With the selling process having slowed due to the pandemic, it’s important for consumers to be reminded that through the support of a reputable and experienced agent, the process is more likely to be successful.

Additionally, agents and sellers can ensure faster transaction times through utilising Propertymark’s Sales Protocol Toolkit, which has been reported to reduce transaction times down to seven weeks in some cases.

As sellers who have not sold a house for a long time can often be confused by the questions in the Property Information Questionnaire (PIQ), the Sales Protocol Toolkit provides agents with an opportunity to work with sellers and avoid delays in payment and reduce the possibility of transactions falling through.

Kindly shared by Propertymark

Main article photo courtesy of Pixabay