Properties Selling Above Asking Price

If you are looking to sell your home, there is possibly no better time. The demand for homes is currently outstripping the supply of housing, and this means many homes are selling above the asking price.

If you are keen to explore the market, come and speak with local experts who understand what is happening in and around West Hampstead.

Do you know the West Hampstead housing market?

According to Rightmove, as of the start of June 2021, house prices in West Hampstead can be classed as follows:

“Properties in West Hampstead had an overall average price of £847,452 over the last year.

The majority of sales in West Hampstead during the last year were flats, selling for an average price of £728,448. Terraced properties sold for an average of £1,496,516, with semi-detached properties fetching £2,065,778.

Overall, sold prices in West Hampstead over the last year were 5% up on the previous year and 4% up on the 2018 peak of £817,844.”

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

Demand for housing is high

• 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

Sales agreed remain consistent

• 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 need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.