11th
Mar 2016
The NAEA (National Association of Estate Agents) claims from their research that housing supply availability has slumped to its lowest levels since 2002.
From its January Housing Market report it says that their members had on average 33 properties available in each of their branches. In December 2002 each branch had an average of 25 properties.
One of the reasons the association is causing the low supply, is that many landlords are increasing their portfolios before the dreaded Stamp Duty hike this April.
72% of estate agents are experiencing a rush of demand from eager landlords whereas in December it was just 44%.
Another reason for the lack of supply is that more first time buyers are entering the housing market which accounted for 29% of sales in January.
Mark Hayward managing director, said: “Our findings this month reflect what we are all seeing across the market which is that landlords are trying to complete on sales ahead of the changes to stamp duty on additional homes in April. It continues to be a sellers’ market as demand outstrips supply. The number of sales made to first time buyers has increased this month, and we should expect to see their market share rise after April. The fact that housing supply has reached a 14 year low really highlights the need for the government to push the house building programme to the very top of their agenda and help more first time buyers make their first step on to the housing ladder.”
News Archive »