25/02/2014 by Gareth Mason
The property market has so far leapt into 2014, with sale agreed numbers jumping a third higher in January and February than the same time last year. Fuelled by Government initiatives, mortgages are readily available to all buyers. The brightening economic mood is pushing demand for property at most levels, the top of the market prices have not yet reached the intense demands of the middle-lower end prices.
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The property market is thriving. Competition is at an all time high, with intense demand outstripping limited supply, leading to an extremely fast paced sales market. Compared to last year, in January and February we saw approximately 25% more buyers entering the market in competition for approximately 35% fewer properties. These conditions are creating a strong seller’s market with property being snapped up in record time and regularly at or above the asking prices, which have also hit a new record high. If supply continues to lag behind demand, there’s every indication of a further acceleration in the next few months as we head into the busy Spring market. Exciting times loom on the horizon!