As an indication of the frenzied property market, this may take some beating - an agent has had 18 viewings on a house in 24 hours.
“The past few months has been one of the busiest markets we have seen in years as the combination of lockdown, the stamp duty holiday and the five per cent mortgage [deposit] scheme has created the perfect conditions for buyers to look to move house” says Bruce King, director of Cheffins in Saffron Walden.
“We have seen bidding wars on multiple properties and in fact, a house which we launched this week at £1.2m, saw 18 viewings booked in 24 hours and looks set to go to best and final offers.
“There has been a massive lack of stock at the upper end and there is a raft of buyers out there, all of whom are getting frustrated by the lack of opportunities in the market. The number of London-based buyers looking to move to Saffron Walden and the surrounding villages has more than doubled since the pandemic struck.”
King says one of the other drivers in the market has been ‘accidental savers’ - those people who have managed to increase their deposits by saving during the three lockdowns so far in the pandemic.
“The arrival of spring, the vaccination roll out, the prospects of pubs opening and life going back to normal has had a huge psychological effect on people. The combination of these factors is what is encouraging people to take the plunge and sell up and the majority who I speak to are taking a pragmatic view on saving on stamp duty with this being a positive of course, but not an essential” King concludes.
The frenzy is happening across the country.
Mark Manning, managing director of Yorkshire-based Manning Stainton, says: “There’s an unquenchable thirst for property across every corner of the market and the average price being achieved by our team now stands at 99.4 per cent asking price.
“This unprecedented level of demand has led to many best and final offer scenarios with our team having to carefully manage the expectations of buyers through that process.
“We believe that whilst the Stamp Duty deadline has and remains a key driver for those buyers looking in the market today, even beyond its progressive end in June and September it will not change significantly the level of demand we are seeing and prices will continue to rise.”
Do you have other spectacular examples of how the market is operating right now? If so, please either leave a comment below or drop us a line at firstname.lastname@example.org.