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It’s interesting to see that one in nine properties sold for more than the original asking price in February. Over the past few months, we’ve witnessed a boom in the number of prospective buyers and the number of sales taking place following the government’s announcement of a Stamp Duty holiday, and so it seems many buyers are willing to pay over the asking price in order to secure their dream home.
We are also seeing a record high for the number of transactions taking more than 17 weeks from the offer being accepted to exchanging contracts due to this unusually high demand for property. This is one of the reasons we campaigned for an extension to the Stamp Duty holiday; to prevent sales falling through due to delays in the chain.
Mark HaywardChief Policy Advisor Propertymark