SALES NEWS: SELLERS IN CHARGE AS HOUSING SUPPLY LAGS BEHIND DEMAND
There are now an average of 11 people looking to buy for every one home on sale, turning this into a market where sellers are in the driving seat.
That statistic – produced this week by the National Association of Estate Agents, representing 13,000 agents including East of Exe – means the housing market has its biggest imbalance between sellers and buyers since 2004.
There is more good news for sellers from a Nationwide building society report showing 40 per cent of purchasers are now ‘cash buyers’ not requiring a mortgage.
This is typically because they are downsizing from a more expensive home, or use savings to fund their new property. Cash buyers are normally welcomed by sellers because the transactions have fewer complications and happen more rapidly.