10 buyers chase every available property
For every property placed onto the market there are 10 prospective buyers registered, according to the National Association of Estate Agents’ latest housing market report.
It says that the number of house-hunters grew by 20% in November and available stock fell. In October, there were 336 potential buyers on average registered per branch, rising to 403 in November. Available housing decreased marginally in November, from 43 properties managed per branch last month, to 41 this month – meaning there are now 10 prospective buyers battling it out for each property.
Mark Hayward, managing director of the National Association of Estate Agents, said: “It’s very normal at this time of year that demand is high and supply is low. House hunters hoping to find their dream property in the New Year have registered interest with agents, whilst those hoping to sell are holding off putting their properties on the market before January. However, supply is outweighing demand so heavily now that it can’t solely be attributed to seasonality.
“It’s clear that we’re faced with a crisis here: the housing market needs addressing as a matter of urgency.”