New properties to the housing market are more likely to sell
In comparison to last year, recent studies in the property market have indicated that new properties for sale on the market are far more likely to be sold in this year.
New research indicates that owners are almost twice as likely to sell their flats and houses this month than they would have been when the market was at its highest. The number of people applying to buy has augmented by about 40% compared to May last year. A simultaneous fall in the number of new property being introduced to the market (about 31% since May 08) has clearly changed the balance between available property and the demand for it. As a result a noticeable advantage has emerged for sellers.
Research additionally indicates that the quantity of new applicants has risen by 86% from what the numbers were at the peak of the market in 2007. In comparison to a year ago, twice as many sales are being recorded with a similar growth in value. Even though these circumstances are of great advantage for those looking to sell, additional real estate is a pressing requirement to satisfy the growing demand.
The market of 2009 has recently attained the average net sales level set of the last four years. This takes into account the equilibrated market four years ago, the fiery and intense situation in 2006, the enormous expansions of 2007 and the shocking drop in the market last year.
This is an extremely encouraging circumstance for sellers as the probability of selling their flats and houses at this point is considerably higher in comparison to what it was two years ago. These numbers and statistics point toward the boost of activity in the market and the affiliated recovery of faith in the market.
At this point in time, across the country the ratio is about 9.4 buyers signing up for every owner looking to sell. In the Capital this number has even gone beyond and risen to 10 new buyers for every individual putting up a London property for sale. These circumstances will surely give rise to the establishment of a more stable market.
The importance of these calculations is only gradually seeping out to potential future sellers. Many continue to be oblivious to the fact that the balanced has changed and now is a good time to sell. The extent of the imbalance between demand and supply has not been this advantageous to sellers in many months. The number of newly registered buyers is increasing and they are enthusiastic and keen and most importantly they have the money to buy.
According to research carried out by Hamptons International, residential estate agents specialising in UK and International sales, lettings and rental management.
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