Properties For Sale at 14-Year Low
Buyers have the most restricted choice in property to buy since 2002.
The National Association of Estate Agents (NAEA) have published a report saying that the number of properties for sale per estate agency branch fell to just 33 in January, an unmatched low since an average of 25 properties per branch in 2002.
Meanwhile, demand is ever-increasing, with 453 property hunters per branch – the equivalent of 18 buyers per available property.
The NAEA also found a 44pc surge in landlord interest in January compared with December, and a third of all property sales were for first-time buyers, pointing towards landlords successfully completing deals before April’s Stamp Duty deadline.
Mark Hayward, Managing Director of NAEA, said: “We expect to see a rising market share for first-time buyers in April.
“The 14-year low really highlights the need for the government to push the housebuilding programme to the very top of their agenda.”