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UK House Prices Soar In 2021
May 5, 2022Should You Remortgage Your Property?
May 30, 2022The pressure on the UK housing market is showing signs of easing, with a 21% increase in property listings reported in February. The Buy Association comments that this rise is most welcome, as available housing stock has been running at very low levels for the past two years.
The latest figures from Propertymark’s February Housing Market Report show that on average, their members have an average of 23 properties for sale per branch. This represents a significant 21% increase when compared to January.
Nathan Emerson, chief executive, Propertymark says: “It’s very positive to see more properties entering the market. The number of new buyers wanting to register is starting to ease, but agents’ books are still bursting with those still waiting in the wings who have missed out on previous properties.”
He added: “The amount of properties going for over the asking price is still a figure that’s over three times more than what we would see in a pre-pandemic market, but with the cost of living, energy and interest rates all looking to increase it’s possible we will start to see buyers being more cautious with their cash.”
Despite the rise in listings, there are still an average of 26 potential buyers for every house. For this reason, houses are still selling well above the asking price in many areas. First time buyers are taking up 37% of the share, possibly helped by the relatively low mortgage rates, although these are expected to keep on rising for the next few months.
The government is seeking to boost the housing stock further, by offering incentives for buyers to purchase some of the UK’s thousands of empty properties.
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Imran Bhatti
Imran created I.I Financial Services Ltd. in 2020 after working in the mortgage industry for over 10 years. His main reason for ‘going it alone’ was Imran’s unwavering desire to put his clients first. Imran has worked for large corporate companies as well as smaller independent brokers but what he loves is the personal customer experience. His clients are like his family. Imran loves a challenge and when faced with an unusual case he will find a way to satisfy the clients’ needs. Nothing is too difficult. Imran is a family man who devotes his spare time to his three children. Anyone who knows Imran would describe him as fun, with a great sense of humour, generous, caring and extremely professional. Once you have met Imran and experienced his service you will stay with him for life.
