It’s a sellers market is the favourite expression on the lips of estate agents at the moment.
There is such a demand for housing that sellers can now arrange just one viewing day, during which they can expect a torrent of would be buyers, most of whom have been vetted by the estate agents, who after visiting the house have to tender their highest offer to the buyer, usually in a blind one-off operation.
Estate agents are now compiling lists of serious buyers, and advertising properties to people on the list, without publically advertising the property.
Estate agents are suggesting mortgage deals which they can arrange through a broker, the implication being that if the potential buyer chooses the estate agent’s mortgage, they will stand more of a chance of securing the house they want.
Estate agents are now charging the buyter rather than the seller, the commission they usually charge on buying a house, by charging successful buyer’s a two per cent commission, which they argue covers the administration fee incurred by the estate agent in administering the tender process. It covers a lot more than the administration fee!