There are currently 10 buyers chasing every property on the market across England and Wales, according to a leading estate agency firm.
haart, the independent estate agent with over 100 branches, has released its latest Market Monitor data which shows that there remains a major supply-demand imbalance in the market which is placing upward pressure on home values.
The company report that the average price of a home in England and Wales has increased by 2.6% over the past year despite the stamp duty hike and Brexit vote.
Paul Smith, CEO of haart, said: “House prices are proving their resilience as values this month beat those seen at the same time last year, at a time when the market was experiencing levels of hyperactivity in the rush to beat the stamp duty change. After a turbulent year, that is a truly remarkable achievement.”
“[This is] all very impressive when considering the battering the industry has taken in the last 12 months, in the form of the stamp duty changes, letting agent fees and political upheaval,” he added.
Smith believes that the gap between the number of buyers chasing every property across England and Wales is likely to widen as the volume of purchasers entering the market, including first-time buyers, continues to increase every month.
He continued: “It is particularly positive to see first-time buyers entering the market up 11% on the month – proof that the aspiration for home ownership is still very strong among young people, whether the government are committed to helping them out or not.
“Whilst supply is still low, I urge those thinking about putting their house on the market to act now whilst demand is high to bag themselves a premium on their property.”