Rightmove: A record number of houses are selling above their asking price – but proceed with care.
Between January 2005 and January 2021, RIGHTMOVE reported a record-breaking number of properties selling for the asking amount or above.
According to the Land Registry’s most recent sold price data, more than a third of homes sold for their final price or higher. This is the largest number that Rightmove has ever recorded.
Buyers paid an average of 98.1 percent of the final asking price due to market conditions throughout the pandemic.
It’s the first time the figure has surpassed 98 percent.
It comes after Britons spent more time at home in the last year than ever before, with many thinking they need more space or an office to work from home.
A garden, like seaside living, is a feature that has become increasingly desired.
Yorkshire & the Humber has the largest percentage of houses that have sold for asking price or greater, with 45 percent, followed by the North West with 41 percent.
In January, 18% of properties sold for more than the asking price, which is the same as the previous high of 18% in May 2016.
Between 2005 and 2021, the long-term average number of properties selling for more than the asking price was 10%.
Between January 2005 and January 2021, an analysis of Rightmove asking prices and Land Registry sales prices showed that 37% of properties finished in January 2021 were sold for the final asking price established by estate agents listing homes on Rightmove or even more.
The percentage of homes selling for asking price or more has consistently increased since the property market reopened in May.
“This unique study quantifies the buyer bidding wars that agents have been reporting since the markets reopened last year, and is further evidence of the unprecedented market that emerged from the various lockdowns, with many people deciding they wanted or needed to move as their requirements on space and surroundings changed,” says Tim Bannister, Director of Property Data at Rightmove.
“However, I would advise sellers to resist the temptation to persuade their realtor to list their property for a substantially higher price than market value.
“Although many agents are seeing buyers scrambling to put in offers, if your home is priced too expensive, you will see buyers scrambling to put in offers.”Brinkwire Summary News”.