The agency’s stock “doesn’t hang around” as the portal demands…
Agency stock is moving faster and buyers who were hesitant last year are now finding it harder to afford similarly priced properties, claims OnTheMarket.
The portal’s latest Property Sentiment Index found that an average of 64% of properties reached the Sale Subject to Contract (SSTC) stage within 30 days of first listing on the platform in March, up from 61 % in February.
Scotland was the fastest selling region, with 79% of SSTC homes within 30 days of first listing.
Greater London had the lowest number of properties that were SSTC within 30 days.
The region with the highest proportion of properties that had taken 120 days or more to SSTC was Greater London (19%) compared to just 7% in Scotland.
The research found that the proportion of homeowners confident they would make a sale in the next three months was stable at 82% from February, while the percentage of buyers who were confident of making a purchase was also stable at 85%.
The index found that asking prices on the portal in March, excluding London, rose by £12,517 alone to £378,915.
Jason Tebb, managing director of OnTheMarket, said the number of new listings was growing, but the stock was not hanging around for long.
He says, “Many of those buyers who hesitated and didn’t make a purchase last year are struggling to afford what they were considering buying before, such are the price gaps and price gains. value over the past 12 months.
“It’s time for buyers to be organized, bold and decisive if they really want to move, especially as demand is likely to outstrip supply for some time to come.
“Delays in committing to a purchase could mean that the market pulls away even further from them, or at the very least buyers will suffer the disappointment of missing out on the property they have chosen.
“Those who sell are of course getting high prices but, as we’ve said before, for those moving up the ladder, it also means spending a relatively higher price on their next property, as the commercial gap keeps getting bigger. dig.”
Commenting on the report, Norfolk-based Arnold Keys Residential and Operating Partner Jan Hÿtch said: “The February feeding frenzy, where every new property coming on the market was like throwing a steak into a bowl of piranhas, s is slightly attenuated in March.
“Other products have come to market, but not enough to create a healthier balance between supply and demand. Given this scenario, there was no loosening of price increases.
“It’s particularly difficult for tenants who sold well last year.
“Having money in the bank, ready to go, would be like eclipsing other buyers in normal market conditions, but now when they bid they are one of many in the same position.
“Rising bills mean shoppers are starting to factor in energy and travel costs; it’s not yet significantly influencing buying decisions, but questions about heating costs and commuting distances to amenities are starting to creep into conversations.