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A Dozen Buyers For Every Seller In UK Property Market

 
 
 
 
  24 May 2018

While there are many things that a homeowner can do to improve the chances of selling their property, there is still a need for buyers to show an interest. The more prospective buyers that show an interest in our property, the easier it should be to sell your home. There is still a need to persuade one of these buyers to make an offer and complete the deal but the more prospective buyers you must choose from, the better your chances of selling your home. Therefore, reports that there are a dozen buyers for every seller in the UK property market sounds promising.

As is sometimes the case with these studies, the logic doesn’t quite stand up to the situation but there is still a lot to consider in the information provided by Haart. They state that in the past year, the number of people who have registered with an estate agent has risen by 22.1%. Also, in the past year, the number of homes being placed on to the market for sale has increased by 6.5%.

Figures suggest that number of interested buyers is rising

Taking these findings at face value suggests that the number of potential buyers in the property market is increasing much faster than the supply of homes, but this will not be a surprise to anyone. In fact, it is a lack of supply of homes in the property market that has been one of the most influential factors in the UK property market in recent years.

Of the other changes in the property market, there is a chance that the removal of stamp duty for first-time buyers has impacted on the market. The same study suggests that there has been an annual increase of 24% for first-time buyers expressing an interest in purchasing property. This report also suggests that there has been a 16.8% increase in first-time byers expressing an interest in buying a home between February and March of 2018.

This sounds promising but when it comes to reading into figures, February and March may not be the best months. These were the months of the year affected by challenging weather conditions, and it will be interesting to see what impact The Beast from The East had on the UK property market.

Stamp duty cut for first time buyers will likely impact on market

However, it may be that after the announcement in the Autumn Budget, of November 2017, that first-time buyers are now taking a noted interest in the market. Just because someone or a household has expressed an interest in buying property doesn’t mean that they will follow through with this intention, but it is a strong starting point. After all, very few people move from having no intention to buy property to having purchased a property, there are steps in the process.

If people are indicating they want to buy property, this is positive news for the market, but vendors need to be able to stand out from the crowd. Even if the figures of 12 buyers for every seller is true, it doesn’t necessarily mean they are looking at your home or considering homes in your area.

This means vendors should take steps to promote their home in an effective manner and one of the best tips is to enlist the services of a skilled and qualified estate agent. At Jezzards, we are delighted to say that we have assisted many homeowners in selling their property and if you need any guidance or help in the property market, please get in touch with us in confidence on 03330 433 633.


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