Lack of housing supply means buyers must act fast

A lack of supply in the market is an issue that means people have to act fast to get their dream home.

A lack of homes for sale and a continued demand from buyers is continuing to push competition among house seekers, meaning people need to act fast to get their hands on their dream home, selling their previous property and unlocking their finances without delay.

According to the latest release from the National Association of Estate Agents (NAEA), the number of homes that are for sale on the open property market across the UK has fallen by some 27 per cent in the past 12 months alone.

And when we consider that Countrywide reported more than nine buyers being after each home that came to market in 2013, a continued demand will be making it harder than ever for buyers to hang around when deciding whether or not to buy a home.

Mark Hayward, managing director of the NAEA said;

The number of house hunters is substantially higher than the number of properties on the market, so competition is always going to be rife.

Another indicator of how competitive the market is at the moment comes from the price that people are prepared to spend on homes. The NAEA said that only 46 per cent of all sellers are now accepting a price that is lower than what they were asking for.

This is the smallest figure ever recorded, and is far lower than the 71 per cent which was recorded at the peak in September 2013, indicating that people are going head to head when it comes to getting a home, giving prospective buyers no time to wait to sell their own home before they move.

The report also stated that the number of homes selling for more than their asking prices has increased in the past year. It now sits at almost a fifth (19 per cent), which is far higher than the seven per cent which was recorded as of September last year and again shows just how the market has come to be stronger than ever before.

This content was written by Quick Move Now
Published on 27th June 2014
Last updated on 19th April 2017

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