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Competition for homes rising in the Essex market

From Property Talk Live on May 12, 2014

New bespoke data from estate agent Beresfords shows competition for new properties is higher than ever in Essex’s property market, with nearly 7,000 buyers now looking for their ideal home.

There are now 12 new buyers registered for every property on the market putting even more emphasis on the need for more properties to satisfy demand.

Beresfords has recognised that this growth in demand is directly linked to new government backed incentives, such as Help to Buy, which has renewed confidence in the market. This positive sentiment has been bolstered by the continued investment in Essex, such as Crossrail and town centre regeneration with ‘blue chip’ retailers such as Waitrose and John Lewis opening up across the county.

Paul Beresford, Chairman/Managing Director of Beresfords, comments: “We are seeing a surge in demand to live in Essex. At the moment we are arranging about 3,000 property viewings a month and confidence has definitely returned with Help to Buy and attractive mortgage rates being key factors. However the supply of properties coming onto the market has not seen the same level of growth and as a result, competition for property remains high.”

Beresfords agreed sales of £80 million worth of property across the county in April, highlighting that what is coming onto the market is selling and selling quickly.

Paul Beresford continues: “Properties are being snapped up very quickly so buyers really need to move fast. Many buyers are recognising the advantages of putting themselves in the best possible position and getting the best price on their own property by having a sale agreed on their house and a mortgage in place before they even start looking for their new home so that they can move quickly.

“We are also finding that vendors are increasingly favouring discreet marketing when putting their property on the market, so buyers need to be in regular contact with agents and not just search on the property portals. Some properties don’t get that far. Those looking to move need to rely on the expertise that ‘High Street’ agents bring more than ever to sell their existing property, secure their next one and most importantly when it comes to the dreaded property ‘chain’, ensure that the transaction goes through as smoothly and stress free as possible.”

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Source: Property Talk Live