Sellers have power in housing market

The figures, from Your Move Estate Agents, show that demand to this year is 25 per cent higher than that in 2005. And the ratio of new buyers to properties on the market rose from 1.6 in the first four months in 2005 to 1.95 in the same period 2006.

Estate agents have reported that the number of viewings per property has risen too. Viewings rose by 10 per cent from 2.9 in the first four months of 2005 to 3.4 viewings per property in 2006.

Not only have viewings risen, but increased competition amongst buyers has led to a sharp increase in the number of offers that actually proceed to completion. Fall throughs (sales agreed that do not proceed), for the first four months in 2006 fell from 21 per cent of agreed offers to 17 per cent compared to the same period in 2005.

David Newnes, managing director of Your Move, Estate Agent, said: “There is no doubt that we are seeing a renewal of confidence in the market. Buyers now have to compete for property; sellers once gain hold the balance of power.

“Spring is a key time for the housing market, setting the tone for the rest of the year. It’s interesting to note a rush of sales in March as buyers and sellers pushed to complete their transactions before the Easter break.”

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