28 April 2022

Why are York properties selling at or above asking price faster than ever?

Why are York properties selling at or above asking price faster than ever?

We are constantly hearing that properties are selling faster than ever, either at or above asking price and in record time in the York area.

The average price of houses coming onto market in York and surrounding areas has hit record highs once again this quarter. This makes it a great time to sell.

The pace of price rises appears to be slowing but high demand for limited stock suggests any sustained price falls are unlikely as long as your property is priced sensibly.

This fastest-ever speed of sale means that more than half of properties that sell are now selling at or, often substantially over their advertised asking price. The adage, ‘By asking less you achieve more’ has been borne out time and again. Maximising interest and footfall frequently lead to more than one interested party who is prepared to offer more to secure their dream home.

Play on demand and entice in buyers: starting at an unrealistically high price and having to reduce the asking price can be soul-destroying and does not always portray your property in the best light.

In York, terraced houses have a particular appeal. They are great for first-time buyers, investors and downsizers so are always popular and sell fast. We regularly have multiple viewings on the first day of marketing and multiple offers by the end of it. Out of York, ‘the race for space’ continues and the popular, satellite, villages such as Poppleton and Dunnington remain hotspots for buyers.

Whilst the majority of vendors do not wish to be embroiled in a bidding war, it is imperative they achieve the best possible price in order to facilitate their onward move. We, at Hudson Moody, ensure all parties are kept in the frame and oversee all negotiations to alleviate the stress levels.

So, as a buyer, what does this mean for you? It is very important you are proceedable when offering on a property. Make sure you have finance in place and it is even better if you have secured a buyer for your own property. Cash buyers and first-time buyers are still out there and the attraction of cash or no chain ranks highly when going to best and final offers.

Make sure you are registered with agents: we have a comprehensive mailing list and new properties are always matched to existing applicants before being advertised on the wider property portals giving them a head start. If you miss out, we can often suggest an alternative or bear you in mind for properties which we know will be coming to the market very soon.

It seems inevitable that the supply/demand mismatch will remain for at least the next 12 months. Even though there is some economic uncertainty, where you live, and your home is the No. 1 priority for many people and a move is at the top of their list. There are infinitely more buyers out there at the moment than sellers so, if selling your property in a record time at optimum price is top of your list: what are you waiting for?