The housing market has been so active recently that buyers are no longer considering how much they should offer, as more than half of sellers are achieving their full asking price.
Thanks to a lack of properties available to buy, demand is incredibly strong, which is why buyers are having to offer the full amount or even go above this to secure the home they want.
Rightmove revealed properties are being bought twice as quickly compared with 2019, and more than 125,000 sellers have already put their properties on the market in the last month to take advantage of the high demand.
Property expert at the site Tim Bannister stated: “With three new monthly price records in a row, 2022 has started with price-rise momentum even greater than during the stamp-duty-holiday-fuelled market of last year.”
Indeed, the average price of a home in the UK is now £360,101, having risen by 1.6 per cent or £5,537 since March, and 9.9 per cent since April 2021. Over the last three months, house prices have soared more than £19,000.
Prices have reach record highs in all regions and market sectors, a feat that has only ever been achieved once before in 2007.
While the rising costs might deter some people from taking out a mortgage, there are still plenty of people keen to buy, as sales are 21 per cent higher than they were during 2019.
Mr Bannister said buyers and sellers can benefit from this fast-paced market, however, stating: “If you can secure both a quick sale and a quick purchase, then it’s a lot less stressful than the uncertainties of a slower market.”
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