Agreed sales last month were up 57% compared to April 2019
Many estate agents are now immediately asking prospective buyers for their ‘best and final offer’ to prevent gazumping
Experts said the industry is working around the clock and buyers are resorting to extreme measures to secure a home
The surge in demand is largely due to ultra-low interest rates and stamp duty relief for homes under £500,000
Britain’s booming property market is producing record sales figures, with an average of 13 buyers for every home listed.
Agreed sales last month were up 57% compared to April 2019, with many agents now immediately asking prospective buyers for their ‘best and final offer’ to prevent gazumping.
Experts said the industry is working around the clock and buyers are resorting to extreme measures to secure a home.
Mark Hayward, chief policy adviser at an estate agents’ lobbying group, said: “It’s quite aggressive out there. Some people are moving into rental properties so they can move very quickly.
‘There are people moving into caravans and living in the area so they can rush in quickly if something comes on the market.
‘We have cases where prospective buyers have actually followed estate agents with their cars to properties so they are first in line.
“‘Others are instructing buyers’ agents to scour the market for properties on their behalf.
Others have turned to writing handwritten letters to convince buyers that they would be the best new owner.
More than 157,000 sales were agreed in April, according to data compiled by property analytics firm TwentyCi.
The increase in demand was largely due to exceptionally low interest rates and the stamp duty exemption for homes under £500,000, which was extended until the end of June.
The pandemic has also seen people re-evaluate their living space, with a Zoopla spokesman saying that recent demand has focused on three and four-bedroom homes, with one also acting as a home office.
Nicky Stevenson, from estate agency Fine & Country, said: “The market is supercharged. There is huge demand for properties and a significant shortage of supply.”
Ms Stevenson said a property recently listed in Warwickshire had a guide price of £2.25 million. Within days, 16 viewings had been made and it sold for £100,000 over the asking price.
