The UK housing market is getting much more competitive in the New Year with 10 potential buyers for every property on sale and a 20 per cent increase in buyers registered with estate agents. The National Association of Estate Agents (NAEA) has claimed that the UK is in the midst of a housing crisis.
Time To Sell
These new figures from the NAEA show that the housing market is currently a seller’s market. The Bank of England also reports that in November, UK mortgage lending grew the most since the financial crisis in 2008; another sign that this is a good time to put your property on the market.
Housing Crisis
The NAEA are classifying the current housing situation as a crisis, as the gap between the number of buyers and the number is properties for sale continues to grow. The managing director of NAEA, Mark Hayward, admits that demand is usually high this time of year and supply is low, but also claims that the current gap is very big.
First Time Buyers
The government have announced plans to build Starter Homes that will give first-time buyers under 40 the opportunity to buy a home at a 20 per cent discount. Experts question whether this measure is sufficient, reiterating the need for immediate action.
Rising Costs
House prices are expected to rise by 50 per cent in the next 10 years, which will mean an average price of £420,000. Many fear this will force many out of house ownership. The lack of current affordable housing on the market means that young first-time buyers will struggle to find properties they can afford, made even harder in a very competitive market.
Whether you’re a first time borrower or you’re looking for an improvement on your existing mortgage, we can help you with one of the most important purchases you will ever have to make. Take a look at our page on mortgages for more information.
