The amount of time that UK homes spend on the market is at its lowest since the financial downturn, new data released has shown, as the supply and demand imbalance continues to push competition between buyers across the country. Home.co.uk said that the number of properties available to buy has fallen by a surprising 11 per cent in the 12 months since February of 2013, while London has seen stock levels drop by as much as 28 per cent in the same period.
A decline such as this in the number of properties on the market has the knock-on effect of prices heading up and the amount of time to be sold coming down, both of which have been witnessed in the last year, according to the findings. The company said that the average time it takes to find a buyer has fallen by a mean level of three days in the space of the past 12 months.
Meanwhile, the asking price for properties nationwide has also risen in the same time period, with properties now costing some 16.7 per cent more than they did in February 2013. The supply and demand imbalance has also had a short-term impact, however, with the average advertised price of homes across the nation now 3.1 per cent higher than just a month ago in January. Prices have risen in every single region of England, Scotland and Wales, with the company also adding that Help to Buy and the low mortgage rates available to buyers are helping to increase the number of buyers in the market at the current time.
In the months ahead, it is expected that this trend will continue, with London's growth predicted to far outstrip that seen elsewhere throughout the year. In the past 12 months, London's property market witnessed increases of some 10.1 per cent. However, Home.co.uk believes that the prevalence of gazumping, along with the fact there are still low numbers of homes available will mean that this rate of growth doubles to some 20.2 per cent throughout 2014.
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- Friday 21 February 2014