Eight buyers chase every property - 20/03/2007
Huge demand outstrips supply
Barclays wealthiest areas list - March News - 1st 25 year mortgage
Property buying experts are predicting that there will be high levels of activity in the housing market with record numbers of buyers. Currently there are roughly 8 buyers chasing each property. Estate agents are are reporting an increase in sealed bids and gazumping. Properties are routinely going for between 5 and 10 per cent above the asking price. First time buyers now have to fork out a average of £158,000 for even the smallest starter homes.
It is now estimated that an extra 27,000 new homes need to be built to help solve the problem. The average cost of a home in London is £305,200, in England £212,800, £162,600 in Wales and £158,000 in Scotland.
Barclays wealthiest areas list - March News - 1st 25 year mortgage
