13 buyers for EVERY home on the market

. . . with some even following estate agents’ cars so they can be at the front of the queue

BRITAIN’S booming property market i s producing r ecord sales figures, with an average of 13 buyers for every home that gets listed.

Agreed sales last month were up 57 per cent compared with April 2019, with many estate agents now immediately asking prospective buyers for their ‘best and final offer’ to ward off gazumping.

Experts said the industry was working around the clock, and buyers were resorting to extreme measures to secure a home. Mark Hayward, chief policy adviser at estate agents’ lobby group NAEA Propertymark, said: ‘ It’s quite aggressive out there. Some people are moving into rented property so they can move very quickly.

‘There are people moving into caravans and living in the area so they can be quick to pounce if something comes on the market. We’ve got instances where prospective buyers have actually followed agents in cars to properties so they can be the first in line. Others are instructing buying agents who scour the market for properties on their behalf.’

Others have turned to composing hand-written letters to persuade buyers that they would be the best new owner.

In April, more than 157,000 sales were agreed, according to figures compiled by property analysts TwentyCi.

The surge i n demand has largely been driven by ultra-low interest rates and the stamp duty holiday on homes under £500,000, which has been extended to the end of June by Chancellor Rishi Sunak. The pandemic has also seen people reassess their living space, with a Zoopla spokesman saying that recent demand was focused on three and four-bedroom homes, with one doubling as a home office.

Nicky Stevenson, of estate agents Fine & Country, said: ‘The market is turbo-charged. There’s a huge demand for property and a significant lack of supply.’

Ms Stevenson said a recently listed property in Warwickshire had a guide price of £2.25 million. Within days, there had been 16 viewings and it sold for £100,000 over the asking price.

There are now an average of 13 buyers f or every property, according to NAEA Propertymark. House prices are also rising at the fastest rate since 2004 – up 2.1 per cent in April to a national average of £ 238,831, according to lender Nationwide.