Housing Stock In Decline Since January, Says Propertymark
According to the latest figures from Propertymark, housing stock in the UK has been declining since January.
A report from Propertymark shows that an average estate agency branch has around 23 properties, which is a 38 per cent decrease from June 2020 and June 2019, and a 40 per cent decrease since January 2021, reports Mortgage Strategy.
However, there is still high demand for property, even with the withdrawal of the stamp duty holiday, with around 19 potential buyers per property, and Propertymark says that the Uk housing market desperately needs more stock.
Nathan Emerson, Propertymark CEO, said: “Sellers have seen the headlines about the huge demand and are nervous about joining the market and selling quickly with nowhere to go.”
He explained that anyone serious about buying a house in the current market needs to be in a position to proceed, as very few people can buy without selling, so having a buyer lined up and waiting can give an edge over the competition for a house.
If you wait to find a property before putting your house on the market, the likelihood is the property will already have been sold by the time you secure an offer, he added.
“It’s also important to remember that the average time being taken for a sale is around 16 weeks to exchange, that’s 4 months and the likelihood of not finding an onward property in that time is very small.”
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