Buyers Continue To Bid 8% Below
Homeowners may be making a comeback onto the property ladder offering more properties for sale, but it would appear that many buyers are still reluctant to match recent increased asking prices.
Over the last 12 months independent estate agent Haart has reported a 6.1% overall increase in asking prices, however despite this increase buyers are still opting to put down more than 8% below, ranging from 92% to 95% of the properties asking price.
Examining this revelation some property advisors feel that lending criteria and deposits are still preventing many property investors from affording property. Unable to access the full 100%, buyers are being forced to bid lower in an attempt to bring property prices down to a more affordable level.
Yet even with this evident reluctance from buyers, it is undeniable that confidence in the property market is rapidly returning…
In the last month property portal Rightmove has witnessed a 29% increase in the number of enquiries about potential property investments coming their property website – a new all-time record!
In addition, Rightmove have also reported an increase in the number of property insurance policyholders bringing properties onto the market, rising by an incredible 19.8%.
Taking these statistics into account, all signs seem to point to the fact that the property market is improving in popularity. As investors we can only hope that lending criteria follows suit and improves in accessibility…
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