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Nearly 40% of UK properties selling for over asking price

Around 29 house hunters for each property available on the market

Originally posted: 29th December, 2021

Yorkshire and the Humber could experience around 7% house price growth in 2022

The high demand for properties in the UK that has been seen during the whole of 2021 remains as estate agents witness a widening gap in asking price to sale price.

A new study taking a look at estate agents’ experiences during November shows that appetite within the housing market shows no signs of slowing down. The study, carried out by NAEA Propertymark, shows that the number of UK properties on the books of estate agents is down to its lowest ever level of 20 homes per branch; a 50% drop on November 2020.

Alongside this, buyer numbers increased between October and November by an average of 12%, states the report. With 571 prospective buyers on average registered at each branch, this means there are around 29 house hunters for each property available on the market at the moment.

Property prices pushed up

The competitiveness of the housing market has been supporting house price growth all year. The NAEA report shows that 38% of properties sold for more than their original asking price, against just 21% in October.

In November 2020, only 10% of UK properties sold for over their asking price, which is a clear show of how demand in the market has risen this year.

Nathan Emerson, Propertymark Chief Executive, 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.”

2022 predictions

While the housing market may start to return to more normal levels in 2022, most forecasts are predicting a stable property market as we move forwards, which is good news for both buyers and investors.

Rightmove predicts that average asking prices will go up by 5% in 2022, which could add around £17,000 to the average value of a property.

There may be an increase in properties coming to the market, which will make things easier for any buyers. It says there has been a 19% rise in the amount of people asking for estate agent valuations via Rightmove during the last month, as people look to list their properties in the new year.

Which areas will do best?

There’s good news for Yorkshire and the Humber. According to Rightmove, there are four main areas that are proving especially popular with buyers at the moment. These are Yorkshire and the Humber, Scotland, the West Midlands and the South West. Rightmove believes these areas could experience around 7% house price growth in 2022.

Find out how much your house is worth

If you want to know how much your house is worth, or would like to move and need help, please get in touch with Preston Baker.

Your local Preston Baker Estate Agents team can tell you how much your house is worth, help you find the house of your dreams, find you the best mortgage, find you a solicitor, a surveyor, and will always be just a call or WhatsApp message away whenever needed.