New figures have revealed that 63 per cent of homes sold in November went for less than the asking price, proving sellers are still flexible with price, even in a market flooded with buyers.
According to propertywire.com, figures from the National Association of Estate Agents (NAEA) have also shown that 62 per cent of properties sold in November were due to the current owners wanting to move up the ladder to a bigger house.
The number of first-time buyers saw a significant rise too, with the NAEA noting that the two months leading up to November involved a decline in the number of these novice buyers, reports mortgageintroducer.com. An average of 24 per cent of buyers were first timers in October, but this rose to 28 per cent in November.
There weren't as many property sales carried out in November as there were in October though, the figures showed. Each estate agent branch sold ten properties in October and this dropped slightly to nine in November. On a positive note, 22 per cent of the nine homes sold per branch in November were to first-time buyers.
Part of the reason for this slight decline is because the supply of homes dropped. Member agents reported having an average of 51 properties available for purchase in November, compared to 53 each in October – a decline of four per cent.
Jan Hytch, NAEA president, said that the second phase of government scheme Help to Buy has proved very popular and has helped improve buyer confidence.
“Financial security is one of the biggest factors that buyers have to consider when purchasing a home,” she explained. “The downturn has led to uncertainty and caused incomes to be squeezed; but with confidence in the economy beginning to grow, first-time buyers are feeling positive and taking the leap onto the housing ladder.”