Five times more buyers than sellers
Estate agents are seeing an upsurge in demand for properties, with the number of house hunters now outstripping the number of homes on their books by a ratio of more than five to one.
The latest National Association of Estate Agents monthly
market report reveals that while the number of house buyers remains
steady, fewer properties are available on the market, which is
driving up demand and pushing up prices.
In spite of expectations, the number of property seekers on the books of the average estate agent dipped only slightly to 287 for October, down by just 2.38% on the previous month. But proportionately the number of available properties fell away more quickly, down by 8.07% to an average of 57 per branch.
The gap between the average asking and selling price is also closing, down from 10.9% in September to just 8.8% for October, providing yet more evidence of improving confidence in the market.
Much of the demand is being fuelled by first-time buyers returning to the market, who now represent 22% of all sales, which is twice the number recorded this time 12 months ago.
Heywoods Estate Agents said that house hunters in the Newcastle-under-Lyme area had been crying out for greater supply of homes for sale and had launched its own campaign to get more properties onto its books.