There’s good news for anyone wishing to sell property as the market continues to be buoyant.
Despite the cost of living crisis, trade body Propertymark’s latest Housing Market Report showed most sales in May were agreed at or above the original asking price.
The Nationwide Building Society also reports double digit growth in house prices in May with the West Midlands one of the strongest performing regions in the country.
Since the start of the pandemic in 2020, it reports prices have risen 24% in the West Midlands. Although it suggests the market is slowing, the West Midlands saw a 12% growth in house prices in the three months to June this year on the previous quarter.
The continued rise in property prices is in part due to stock shortages as comparison website GetAgent claims supply is so low, one in 10 homes get snapped up within 14 days of entering the market.
Its research suggests 12% of properties in the West Midlands are being sold within two weeks.
Sheldon Bosley Knight’s teams report 52 sales so far this year with 104% asking price achieved. In the year to date, the teams have sold 549 properties with 101.7% asking price achieved.
SBK’s head of residential sales and marketing, James Morton said: “The market for those selling is still strong at the moment despite the continued cost of living, interest rate rises and the rising cost of properties in our area.
“We are seeing many homes receiving multiple offers within days of going on the market. With the market place moving at the current pace we have taken the decision to not accept any offers within the first seven days of launch to guarantee our sellers achieve the best price from the best buyer.
“Buyers therefore need to be properly prepared and make sure they are ready to move quickly. This means getting a mortgage agreed in principle and getting solicitors in place as soon as you can, both of which we can help with.
“It’s a very competitive and fast-moving market so if you are thinking of moving and would like more information or advice, please give one of the team here at Sheldon Bosley Knight a call or fill in the form on our website, as we would be happy to help.”