As many as 11 prospective buyers viewing every available home
The UK's property market could face a surge in prices over the coming months and years as continued demand from buyers means an imbalance in the market, with the available stock falling at the same time, it has been reported.
According to the latest findings from the National Association of Estate Agents, the number of people searching for homes has seen a climb in early 2017, while there has been a fall in available stock, which is now at its lowest since July last year.
The report from NAEA said that in the first month of the year, there were an average of some 425 prospective buyers per branch registered. This means that for every home that comes to market, there are as many as 11 prospective buyers. It also means that there has been a rise of ten per cent since December in the number of potential buyers in the market.
At the same time, there has been a drop in the number of properties available for sale. The NAEA report said that in January, there were 38 properties available per branch. This was a reduction from the 41 per branch available in December this year, leaving supply levels nationwide at their lowest since July 2016.
NAEA chief executive Mark Hayward said: "January saw a surge in buyers but competition is rife with an average of 11 buyers chasing each property. The increase in the number of properties selling for more than asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand.
"When the Government issued its Housing White Paper at the start of February we stated how important it was for the industry to put forward robust solutions to really make a difference and it’s vital that building more affordable housing is at the very top of their agenda," he said.