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Imbalance ignites market

Residential sale vendors are currently in the hot seat, with one in three properties - 32% - selling for more than the asking price, driven by an average of 16 buyers for every available property on the market.

Independent statistics revealed by Propertymark, endorse what we, at Balfours, are experiencing with buyers driving the post Covid economy. It has been an exceptional spring, with the number of sales agreed reflecting Propertymark’s average of 12 sales per estate agent in April, the highest ever month since April 2007, when the average stood at 13.

It is a simple fact that pent up demand has simply exploded into almost insatiable frenzy right now; at a time when the supply of properties is at the lowest since December 2002.

This is a concern to us, and it does illustrate a need to rebalance the market. As stamp duty and furlough are both phased out by the end of September this is likely to steady the market. We hope that the Planning Bill outlined in the Queen’s Speech encourages the development of more housing to be rolled out in Shropshire and the Midlands.

Meanwhile we would encourage those prospective vendors who are hovering, to get in touch. Each vendor’s aspirations are unique – and it is only through honest discussion that we, as professionals, can offer the opportunities and options your property could unlock for you. Alistair Hilton, head of sales.

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