15 buyers now chasing every property for sale due to lack of supply
The number of buyers chasing every property for sale has increased from 12 in December to 15 in January due to lack of property supply in the market.
The number of new buyers has drastically increased by 35% over the last year and 4.9% since last month. The average price paid by a first time buyer is now a record £175,000.
Viewings have also increase in January by 7.4% in one month however the number of completed sales has dropped by 14.7% which is blamed on the lack of skilled resource such as surveyors and solicitors in helping complete the sales.
Paul Smith, CEO of independent estate agents, haart, said: “The property market in the new year has got off to a flying start with a surge in buyer registrations and new property instructions. The number of new homes coming on the market is up by a healthy 8% compared to a year ago but demand has surged by 35% over the same time period.”
It is expected over the next 9 years the number of buy to let properties will increase by 1.8 million to 7.2 million properties with increase in rentals to meet demand.