Since the start of the new year, there has been a significant surge in new buyers coming to the market, and due to the lack of sellers, there has been a serious demand for property in the UK.
A new report from haart investigated the activity between buyers and sellers over the last 12 months to establish the difference between the two.
According to their analysis, total buyer registrations rose by 22.1% year-on-year, a huge rise in comparison to sellers coming to the market over the same period, as there was only an increase of 6.5%.
As a result of recent changes to stamp duty, it was reported earlier this year that first-time buyers are now rushing to the market, with this demographic growing by 16.8% from month-to-month alone.
Due to the considerable rise in new buyers entering the market, this now means that, on average, there are 12 buyers competing for each home available for sale in the UK.
Unsurprisingly, transactions have taken a 10% fall month-on-month, whilst the average number of viewings for buyers has increased, indicating that buyers have become more thorough in the search for their perfect home.
Growing demand for homes
With a growing demand for homes, it is expected that house prices will also increase and there have already been reports that the average UK home has increased in value by 1.27% in the first quarter alone.
The shortage of available homes this spring has created a great opportunity for those considering putting their property on the market, with many property experts advising homeowners to take advantage before balance returns to the property market.
Fife Properties Managing Director, Jim Parker commented, “We are experiencing an almost fever pitch scenario in some areas of Fife due to lack of supply from sellers and great demand from buyers. Some homes are being Sold within 24 hours. If you are thinking of selling, now is the time.”
