Fierce competition remains in the housing market

The fierce competition within the UK housing market has been revealed by new figures from estate agents.

The Monthly UK Housing Market report from the National Association of Estate Agents Propertymark (NAEA), released on February 27, showed that an incredible 11 buyers are chasing every property on sale.

And while supply is outstripping demand, naturally many of those properties that do sell are going for above the original asking price, as the monthly report confirmed.

Mark Hayward, chief executive of the NAEA Propertymark, said: "January saw a surge in buyers but competition is rife with an average of 11 buyers chasing each property. The increase in the number of properties selling for more than asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand."

The report showed that there was an average of 38 houses on the books of an estate agent during January. However, a rise in the number of house hunters looking for a new home meant that there were 11 buyers for every house on sale.

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