Wednesday, January 26, 2022
Real EstateUK

Property expert reveals time for housing supply ‘boost’

Rightmove

Rightmove reported in December that on average, estate agents had only 14 properties available at each branch

A property expert has revealed when homebuyers in the United Kingdom can expect a ‘boost’ in housing supply.

However, the real estate expert cautioned that ‘supply and demand imbalances’ are unlikely to change dramatically in the near future.

House prices in the UK reached a record £276,091 last month, with annual growth reaching its highest level in nearly 18 years, according to Halifax.

According to Halifax’s latest house price index, prices have risen by more than £24,500 since December 2020.

Rightmove reported in December that on average, estate agents had only 14 properties available at each branch.

This is the lowest figure ever reported by the property site.

In comparison, at the same time in 2020, estate agents had an average of 28 homes per branch.

Due to the low inventory levels, sellers were able to sell their homes for a good price, while buyers had to compete for their dream homes.

Buyer demand per available property has been ‘near record highs,’ according to Tim Bannister, director of property data at Rightmove.

Multiple buyer bidding on a large percentage of properties, he predicted, could continue this year.

Because of the persistently low stock levels, house prices are unlikely to fall anytime soon.

However, one real estate expert has predicted when housing stock will be replenished.

Spring is typically when housing stock is ‘boosted,’ according to Guy Gittins, CEO of Chestertons, a London-based international residential property specialist.

However, if a ‘boost’ in housing stock is met by thousands of new buyers, he warned, there could be problems.

Spring always brings a boost in stock, he said. Every year, that happens. This year should be no different.

He said: However, if 100 properties come on the market in a specific area and are met by 2,000 additional buyers, the situation remains the same: there is more demand than supply.

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