According to Strike, the average number of viewings taken before home sellers accept an offer has halved versus prior to the pandemic, dropping from 20 viewings in 2019 to just ten viewings now.
Meanwhile, back in 2019, it took an average of two to three months to get an offer accepted. This has now fallen to under two months, with Strike reporting one offer being accepted after just five hours.
The average time of listing to completion has also dropped, currently down 7% versus 2019 due to the speed of offers keeping things moving, despite the huge demand and backlog in conveyancing. The fastest time to completion reported by the online agent was just 33 days from start to finish.
Strike’s analysis also reported a 30% reduction in family homes on the market currently — meaning it can be very competitive out there for buyers looking for more space.
Sam Mitchell, CEO of online state agent Strike, said: “There’s no denying that the pandemic has changed the property market. The latest figures released by the Office for National Statistics showed the average UK house price increased by almost 9% in the year to February — the highest annual growth rate since 2014. Meanwhile, property transactions are currently through the roof.
“A combination of pandemic lifestyle changes added to the stamp duty holiday and 95% mortgages on offer has fuelled a surge in people looking to move home, which in turn has led to skyrocketing demand on estate agents. Many will be wondering how long this can last, but there are certainly no signs of the market derailing.
“In fact, with a tapering off period for the stamp duty holiday until October, low housing stock levels, rock-bottom interest rates and the introduction of the Government’s high loan-to-value lending scheme, there are more than enough factors to keep buyers piling through the door. My advice to sellers would be not to wait around and instead strike now while the fire is hot.”
