According to the latest market reports, the residential property market is seeing a switch from a seller's to a buyer's market as supply starts to meet demand across the UK.
A 7.3% increase in the number of new homes entering the market has been gladly received; however the overall number of new buyers has decreased by 2.8% as there are now 9.5 buyers chasing each property for sale, down from 14.4 in January 2014 according to an independent report from agents haart. The report also highlights that property sales are buoyant, up 9.8% annually.
UK property prices are at their highest in the last two years, up by 8.1% to £204,216. London and the South East have seen even higher increases with price increases reaching 18.6%, resulting in a decrease in new buyers if 15.7%, even when more properties continue to enter market.
‘The second half of 2014 marks a shift in favour of buyers as healthy volumes of stock return to the market. Many homeowners are adopting a now or never attitude to take advantage of the continuing strength of the market having seen their equity rocket over the last year at a time when mortgage deals with decent loan to values are still available. Interest rates are to remain at historic lows until the start of 2015 at least and this is helping wider confidence,’ said Paul Smith, chief executive officer of haart.
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