Over eight in ten (85%) estate agents reported an increase in the number of buy-to-let investors active in the market last month.
In the rush by investors to beat the Stamp Duty surcharge, buyer demand was at a 12-year high in February, says the NAEA.
First-time buyers were elbowed aside, with sales to first-timers falling 5%.
There were an average 463 house hunters registered per member branch – the highest since August 2004.
The number of properties available per branch increased marginally from 33 in January to 35 in February, as the number of sales agreed per branch in February increased too.
On average, each branch sold nine properties, with 24% going to first-time buyers.
Comments (4)
What I can’t understand is why are we seeing a marked increase in down valuations by RICS surveyors for no apparent reason, particularly when we have multiple offers on properties and when we challenge them they can’t come up with the comparable for the down valuation, and don’t even ask us for them (we have sheds loads) before they put pen to paper. They seem to be relining on central data base of RICS?
We see this every once in a while when the market is doing something and the surveyors are nervous to value up as high as the price agreed. If you find the same surveyor is doing this time and again a vendor can (as far as I know) refuse to allow that particular surveyor access and demand a different one.
May be the rule has changed but that was how it was last time I suffered a repeat low valuing surveyor.
We have had to block a fair number over the years and two only last week are now on that radar. It seems to be the new guns that fail to do the job accurately.
Very few properties come on the market round here (up north) – we saw a blip of increase after the budget but its gone cold again now. I might have the light the fire again.