Property boom brings sellers to the market
January saw a large number of vendors looking to cash in on the booming property market. Rightmove the online estate agent said that the number of sellers looking to sell their properties had increased dramatically compared to a year ago. They also said that they have had their busiest January on record as their website received £50m hits per day or 500 hits every second. Whilst the number of sellers had increased so has the number of buyers with buyers up 50% on a year ago. People are scared that they are going to miss out and there is a frenzy out there that has been created by the Help To Buy scheme and the cheap money that is being thrown at buyers.
Some estate agents are reporting record numbers of buyers and in many parts of Britain house prices are up 10% on a year ago. Gazumping is also back and many houses that are coming to the market are being chased by more that one buyer which is also pushing up prices. Prices in London are now at an all time high of just over £450,000 which is also causing alarm amongst many commentators who believe that the government should consider pulling the plug on the Help To Buy scheme before the average price is pushed up to the 600k threshold.