Signs of extreme property sales activity have been reported over the weekend including multiple bids and a marked increase in gazumping.
Countrywide says that 36% of properties for sale across its 600-branch network received three or more bids and that 18% attracted offers from five or more potential buyers.
The estate agency giant also says nearly a third of properties within England and Wales sold for more than their asking price, the highest proportion since records began. At the same time last year, 19% of properties were sold for more than their asking price.
And property buying firm Quick Move Now says the number of transactions falling through has dropped from 43% during the first three months of 2020 to 32% this year.
The company also says gazumping has returned, with a quarter of all property sales falling through after vendors accepted higher offers from another buyer after initially agreeing a sale.
This surge in activity is reflected in the latest Halifax house price report, which reveal house prices up during March by 1.1% compared to February to £254,606.
Liverpool agency Adam Sutton Estates reported over the weekend that a four-bedroom property four sale at £240,000 in the city’s Waterloo district garnered 75 viewing requests after which the company closed its booking diary for the house.
“In all my 10 years of doing this job, I have never had a house gather that much attention in such a short space of time,” he told local media.
“Average house prices have increased by £1,285 a month since the first lockdown, a result no one predicted when the UK economy ground to a halt a year ago,” says Anthony Codling of Twindig (pictured).
“The outlook for the next six months looks strong as the economy unlocks, stamp duty remains on holiday and high loan to value mortgage supply increases, but there is a risk that when the extended holiday ends, the UK housing market will wake up with a hangover.”