More Homes Are Selling Above The Asking Price

9th June 2021 posted in PROPERTY NEWS

At Country Properties, we stay in touch with the local and national housing markets. This allows us to help vendors connect with buyers. We listen to what homeowners have to say, and we know many property owners would like to sell their house at or above the asking price.

This is a challenging thing to do, and the majority of property owners accept this isn’t going to happen when selling their home. However, it appears as though a growing number of vendors have achieved this goal.

We certainly won’t promise this outcome, but as a local estate agent with a strong track record in selling Hitchin homes, we will do our best to help you achieve your property goals.

How is the Hitchin housing market performing?

According to Rightmove, as of early June 2021, house prices in Hitchin are as follows:

Properties in Hitchin had an overall average price of £476,263 over the last year.

The majority of sales in Hitchin during the last year were semi-detached properties, selling for an average price of £522,959. Detached properties sold for an average of £696,090, with terraced properties fetching £390,630.

Overall, sold prices in Hitchin over the last year were 8% up on the previous year and 15% up on the 2018 peak of £415,756.”

In information provided by NAEA Propertymark, the number of properties selling over and above the asking price reached an all-time high during April 2021.

·         32% of properties sold for more than their asking price in April 2021.

·         This is the highest percentage of properties sold for more than their asking price

·         This figure is double the level of March 2021, where 16% of properties sold for more than their asking price

·         The previous highest figure for homes selling above their asking price was 19%, and this occurred in May 2013

There is a rising demand for homes from buyers

·         The average number of property hunters registered per estate agent branch was 427 in April 2021

·         This is an increase on the 409 listed in March 2021

·         It is the highest figure for April since 2003, when there was an average of 487 house hunters registered per branch

·         There was an average of 27 properties available per branch for April 2021

·         This is a drop on the March 2021 figure, which stood at 31

·         The April 2021 figure is the lowest since December 2002, when there were just 25 properties per branch

Sales agreed remains steady in recent times

·         The average number of property sales agreed was 12 in April 2021

·         The March 2021 figure was also 12

·         This is the highest April figure since April 2007, where there were 13 sales agreed per branch

·         The number of sales made to first-time buyers for April 2021 stood at 27%

·         The number of sales made to first-time buyers for March 2021 was also 27%

Mark Hayward, Chief Policy Advisor, Propertymark comments: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices. We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower-income buyers, although the Governments First Homes initiative will be a much-needed boost.”

Currently, in line with Government guidelines, our Hitchin branch is open and our sales and lettings teams are on hand to assist you.  To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 452951 or email hitchin@country-properties.co.uk