The desire for UK property is continuing to surge upwards, as home supply consistently falls short of demand. New figures have revealed that 11 investors or homebuyers are chasing each home available to purchase.
The latest data from the National Association of Estate Agents has revealed that the average number of prospective buyers registered per member branch in January was 425, marking a sizeable ten per cent rise from December 2016, when estate agents registered an average of just 386 per branch in the UK.
However, in contrast, the number of properties available to buy on estate agents’ books dropped from from 41 to 38. This marks the lowest recorded since July 2016. This means that there is now an average of 11 buyers in pursuit of each property, with competition for investments having reached its peak.
Chief Executive NAEA Propertymark, Mark Hayward, emphasised the importance of government action to tackle the current housing crisis and the race to grasp the few properties available on the market. He explained: ‘January saw a surge in buyers looking to kick off the New Year with a new home – 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.’
He continued: ‘When the Government issued their 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.’