28 Apr

Properties sell above asking price

Properties sell above asking price

More people are willing to purchase homes for above the asking price, according to new figures.

The National Association of Estate Agents (NAEA) shows that the supply of housing on to the market has dropped for the sixth consecutive month and this is having a major impact on the price people are willing to pay to secure a property.

A report from the NAEA shows 19 per cent of properties sold for more than the asking price in March - three times the number in September last year.

The report also showed the number of first time buyers purchasing a home has dropped from 29 per cent to 25 per cent during March as the pressure on affordability continues to rise.

Jan Hÿtch, president of NAEA said: "Current conditions mean that in just a few months we've seen a large increase in the amount of people willing to offer over market price to secure homes."

He added that changes to the mortgage application process may also have an impact activity over the coming months.ADNFCR-1222-ID-801715534-ADNFCR

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