The UK’s housing market is set to move in favour of buyers in the second half of this year, according to independent real estate agents haart.
Haart’s figures show the number of new homes coming to the market increasing 7.3 per cent annually across the UK, while the volume of new buyers coming to market has dipped 2.8 per cent annually.
There are 9.5 buyers chasing each property for sale across the UK, down from 14.4 in January.
However haart says national property prices remain robust, increasing 8.1 per cent annually to £204,216 – the highest average price over the last two years.
The switch to a buyer’s market is more pronounced in London as new buyers fall 15.7 per cent but property supply soars 32.3 per cent.
Paul Smith, CEO of haart, comments: “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.
“At the start of this year demand for homes was growing at a far greater rate than property supply but this trend has flipped and stock is coming to the market in healthy levels, up 7 per cent annually, yet demand has fallen by almost 3 per cent in the same period.
He adds: “As positive market sentiment continues this year, and people return from their summer sojourns, we fully expect a busy autumn with a higher volume of sales transactions.”
Loading ...