The number of houses for sale has hit a six-month high, according to the National Association of Estate Agents.
Lack of supply of houses for sale has been a major driving factor in house price rises in recent years. Greater supply means more choice for buyers, and more bargaining power. This trend was confirmed by the National Association of Estate Agents, which claims that 75% of homes are selling for less than asking price.
Whilst increasing supply is great news for potential buyers, it means more competition for those trying to sell a property.
Danny Luke, managing director of Quick Move Now, explains:
For those looking to buy a property, increased supply means more choice and more bargaining power. For those looking to sell a property it’s not such good news, however.
Increased choice for the buyer means increased competition for the seller. You must ensure your property is well presented and competitively priced.
If you’re working to tight timescales and need the security of a guaranteed sale, your only option is to sell to a genuine, professional cash home buyer.
A genuine cash home buyer offers guaranteed speed and certainty, with no risk of your sale falling through.
The research shows that the number of first time buyers is also on the increase. Government initiatives such as the Help to Buy ISA, along with record low interest rates, have contributed to an increase of 8% in the last year. First time buyers now account for 28% of property sales.
40% of estate agents said they expect to see further growth in demand following the cut to interest rates. 25% said they expect to see more first time buyers coming to the market.
Do you like the idea of a guaranteed cash house sale? Fill in the free, no-obligation estimate form, to find out how much we could pay for your property.