66 James Street, Stoke-on-Trent, ST4 5HS 01782 769122

Property Market Goes Nuts Around The World

Posted on Thursday, July 1, 2021


Property Market Goes Nuts Around The World

 

From the U.S. to the U.K. to China, the housing market is riding an extended boom. Valuations are far past the fastest pace since 2006. Crazy stories are popular, with desperate buyers promising to name their first-born after sellers and derelict buildings selling for mansion prices. Cheap mortgages, a post-pandemic desire for mare space, newly remote workers, stamp duty and a fear that is you don’t buy now you may never be able to. 

 Let’s take a look at a few stories across the globe

 

Canada

Kristin put her one-bedroom holiday home on the market within 24 hours of listing, 192 viewings had been booked. Throughout the following three days, viewers and agents kept showing up without appointments, banging on the door whilst Kristin was performing virtual viewings inside. 

The driveway became congested, six cars ended up in a ditch and needed to be towed out. Kristen estimated she was getting around 75 emails every 20 minutes, and didn’t sleep more than two or three hours at night trying to keep up with all the enquiries. In the end receiving 71 offers. Property listed for 399,000 and sold for twice the amount.

 

Australia

No kitchen, toilet, power, flooring or paint. Yet the semi-derelict home sold after a heated bidding war. 

 

U.S

You can’t even count on being able to see a property before you put in an offer in Greenwich, Connecticut. 

1.55 million dollar house, one set of homebuyers decided to make a cash offer above asking price. Their only condition was to be allowed into the house once before signing the contract. 

 

U.K.

Almost a quarter of homes sell within a week. Smith sold their house last year and moved into rented accommodation so they could hunt commitment-free. 

Eight months later, after making offers for three homes at their asking prices they are no closer. 

The booming market has led to the resurgence of gazumping. 

 

China 

At one new development interested applicants had to temporarily transfer money and upload a personal credit reports before they could even put an offer in.  

Many who did so still didn't get their offers considered. 

Under pressure, estate agents decided to vet applicants on how long they'd paid taxes in the city. 

 

That meant disappointment for many including Huang who has 14 years of tax history.