There are four house hunters for every property for sale in the UK and there would be even more if the controversial home information packs were scrapped, it is claimed. Figures from the National Association of Estate Agents show that average estate agent in the UK has 299 property hunters on their books in May and sold an average of 10 properties.
The figures from the NAEA survey of its members back recent claims from analysts that the recent rise in house prices are based on a rise in interest from buyers in a market where homeowners are reluctant to put their home up for sale, leading to demand outstripping supply. ‘Our members are showing that there are plenty of buyers out there. More often than not these are also potential sellers who are at the beginning of the process so there is bound to be a lag which creates a shortage of properties in the short term,’ said Gary Smith, president of the NAEA. ‘With mortgage interest rates at historically low levels and prices now far more realistic than in previous years, home ownership in the UK seems to be set to lead the way out of the recession,’ he added.
The survey also found the number of first time buyers increased to 43% in May, a significant increase on last month’s 23%. Source: nuwireinvestor.com
A statement that realtors have been iterating for months now: Low prices and low mortgage rates = increase of buyers and interest of ownership of a home. The difference between the market in the UK and the market in the US is that there is currently more demand than inventory. Should US homeowners take a note from the UK real estate market? Has the US media created buyers with unrealistic ideas of “market deals”?
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