The real estate market in England has been quite erratic since the pandemic broke out and with a further extension of the stamp duty holiday, it is bound to add more fuel to the fire.
According to a report, the current market is blazing hot in some areas in England and cold in other regions—despite the increasing average property prices in most regions. The research carried out by PropCast evaluated properties across the UK that are either available for sale, sold or being negotiated, to determine the current buyer’s demand—and how easy or difficult it would be to sell a property in a particular region.
The higher the number of properties either being sold or already under offer in a given area, the hotter the market is, and the easier and quicker it should be when selling a property. Likewise, buyers who are looking to purchase a house in a hot property market will find it a lot tougher to negotiate than in a colder one.
Despite thousands of Brits losing their jobs due to the impact of the pandemic, others have boosted their saving by working from home and finding alternative income sources. However, before buying the house of their dreams, they would need to have printable amortisation schedules to keep track of the principal amount and interest that would make up every mortgage payment.
In Stirling, Scotland, the buyer’s demand is the highest across all regions in the UK with 75 per cent of all its available houses either already sold or under negotiations. Other regions such as Glasgow and Bristol are also experiencing a surge in buyer’s demand with 71 per cent of available properties either already sold or currently under bid.
Properties in English counties such as Northamptonshire, South Yorkshire and Suffolk and the hottest selling market right now, with less than 40 per cent of properties still up for sale in these regions.
But while in most parts of the UK, homeowners and real estate agents are thriving on a seller’s market, there are still other parts of the country where sellers are struggling to sell off properties.
In London, only 36 per cent of its available houses have been sold or still under offer making it far from being a hot market for sellers, according to an analysis by PropCast. While in Aberdeen, selling your property is extremely difficult as it is one of the hardest city to be a property seller in the UK—with only 14 per cent of its available properties already off the market.
For buyers looking to enter into a hot seller’s market, as tempting as it can be to keep haggling prices till you reach a reasonable agreement, you have to be prepared to face stiff competition from other buyers too.
“Currently, house sellers have the upper hand in negotiations and so my advice to buyers, given they will be facing stiff competition, is to go in strong when making offers,” said Gavin Brazg, Founder and CEO of real estate data company PropCast.
If you are looking to take advantage of a cold seller’s market instead, you can feel a lot more confident offering a much lower asking price without necessarily offending the seller or selling yourself short on the property. With a shortage of interest in available properties, it provides a great opportunity to seek further discounts to match your budget.