Finance

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

Property markets and banks find themselves navigating through uncertain waters, reminiscent of the financial crash of 2008 and the ongoing crisis. Unlike previous crises, there’s a sense of caution prevalent among banks and property owners, yet the impact remains undeniable. The real estate lending market, estimated at £238 billion, faced dismal rent collection rates of just 67% at its nadir in the past year. Among the worst-hit entities are the prominent banking giants known as the ‘big four’ – Lloyds Banking Group PLC, Barclays PLC, NatWest Group PLC, and HSBC. Their extensive exposure to the real estate sector has left