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A growing number of property buyers are making offers on homes before viewing them in order to gain a competitive edge in what has been described as a ‘mad’ housing market.
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BBC Wales Live reports that many estate agents in the Wales are selling properties within hours of listing them, sometimes with dozens of offers on the table. This is a trend also identified in some other UK hotspots.
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The surge in demand for property has left some buyers looking for new ways to gain an advantage over other purchasers.
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Last month demand for some properties in Aberdare saw people queueing overnight outside an estate agents.
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Mel John, an estate agent in Caerphilly, said that there has been a sharp rise in practices like gazumping in recent weeks.
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“I’ve walked away from a number of properties where the sellers would have encouraged gazumping, as an estate agent I wouldn’t want to be any part of that,” she told the BBC. “I don’t think it’s ethical really for anybody to go down that route.”
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Purchases across the UK are paying over the asking price for properties, as the current supply-demand imbalance results in competitive bidding wars.
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More than a third of property sales were subject to multiple offers during the first quarter of 2021, according to research by Hamptons.
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Some 36% of homes sold by the company in Q1 2021 received offers from at least three buyers.
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Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
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Separate data released by Propertymark this week revealed that one in three properties sold for more than the asking price in April.
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The 32% of properties sold for more than the original asking price in April is twice as many properties than in March when 16% of homes sold for over the initial asking price.
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Mark Hayward, chief policy advisor, Propertymark, said: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post Covid economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices.”
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By MARC DA SILVA
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Source: Property Industry Eye
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