UK property: Every house has now got 11 hunters

UK property: Every house has now got 11 hunters

Britain’s housing crisis is worsening, new research suggests as it reveals that 11 house hunters are competing for every property on the market.

The National Association of Estate Agents suggests in a recent study that on average 425 hopeful buyers were registered to each branch in the UK in January, an increase by 10% from December.

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At the same time, the number of properties available for purchase dropped to 38, down from 41 in December as well as the lowest figure since July 2016.

Less surprisingly therefore is the fact that one in 20 homes sold in January went for more than it was advertised for, the highest rate since April 2016, when 9% sold for more than the original asking price.

“Competition is rife, with an average of 11 buyers chasing each property,” said Mark Hayward, chief executive of NAEA Propertymark.

“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.”

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“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.”

With these recent figures, the country’s property market seems to shrug off any final doubts about Brexit’s effect on the sector. And with numbers of those interested already increasing, competition may only get stiffer as we’re heading into the busier time of year.

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