First-time Buyers
For-sale property numbers fall to two-year low
After months of increasing home sale listings, the number of UK properties on the market fell to a two-year low, according to Experian.
In Q4 2013, the number of home sellers took a 13% tumble against the same time the previous year, far beyond a seasonal lull.
Jonathan Westley, spokesman at Experian UK & Ireland, said: “The final few months of the year are generally slower than any other time of the year, but we are also comparing it to a period in 2012 that saw an unusually high number of properties coming onto the market for sale.
He added if the fall continues and the help to buy scheme continues to gear up, buyers will have to move much faster and put offers down after a single viewing when they find the right place.
“That means having a mortgage in principle already agreed or they could miss out,” said Westley
He added having a clean credit record, with all documents to hand ahead of the house hunt will become more crucial after the Mortgage Market Review rules tightening up lender responsibilities to assess customers more closely start in April.
Properties worth less than £250,000 saw the biggest year-on-year fall at 15% with homes at the higher end of the price bracket, £250k to £500k and over £500k, falling by 12 per cent and 13 per cent respectively.
Yorkshire and Wales witnessed the biggest declines in properties coming onto the market for sale, down 27 and 24% respectively.
The North East and Scotland were the only UK regions to see affordable homes valued at under £100,000 for sale increase, up 55% and 8% respectively.