Properties Selling Above Asking Price

June 14th 2021
By: Thomas Morris
Properties Selling Above Asking Price

When it comes to selling your home, it is best to call on a local expert for support. At Thomas Morris, we are more than happy to provide you with support and guidance. We know the local market in Royston, and if you need any help, please get in touch.

According to Rightmove as of June 2021, the Royston housing market is described as such:

Properties in Royston had an overall average price of £383,196 over the last year.

The majority of sales in Royston during the last year were terraced properties, selling for an average price of £311,667. Detached properties sold for an average of £594,034, with semi-detached properties fetching £368,267.

Overall, sold prices in Royston over the last year were 9% up on the previous year and 12% up on the 2018 peak of £342,309.”

Homes are selling well right now

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 significant demand for housing

  • 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

There is consistency in the sales market

  • 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.”

If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our Royston branch on 01763 243331.