Buyers pitching above market value

Posted: 12 Feb 2007 11:02:29 GMT

Frenetic competition in the housing market is encouraging buyers to make offers considerably above asking prices, agent Hamptons International has said

Frenetic competition in the housing market is encouraging buyers to make offers considerably above asking prices, agent Hamptons International has said.

Sensibly priced properties are typically finding buyers within days or even hours, rather than weeks and months, said the agent.

In the Thames area in particular, valuations have risen 69 per cent, offers have risen 90 per cent and viewings are up 35 per cent compared to the same period of 2006.

"The best outcome prospective buyers can hope for is that values 'plateau' at a level that still meets some of their main criteria for moving," said Giles Soutry of Hamptons.

London demand was also said to be at record levels, with Hamptons' inventory in the capital down 33 per cent while demand has increased 22 per cent.

© Houseladder Ltd