Martin Roberts gives tips for getting on the property ladder
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House prices in the UK hit a whopping £276,091 last month, with annual growth hitting its highest level in nearly 18 years, according to Halifax. The latest house price index from Halifax revealed that there was an increase of more than £24,500 compared to December 2020. In December, Rightmove reported that estate agents had just 14 properties available at each branch on average.
This is the lowest figure the property site had ever reported.
In comparison, estate agents had an average of 28 homes per branch at the same time in 2020.
The low stock levels mean sellers have been able to sell their homes for a good price while buyers have had to fight it out to buy their dream homes.
Rightmove’s director of property data, Tim Bannister said buyer demand per available property has been at “near record highs”.
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He said multiple buyer bids on a high proportion of properties could continue into this year.
The continued low stock levels means house prices are not likely to fall anytime soon.
However, one property expert has pointed out when buyers could expect housing stock to be replenished.
Guy Gittins, CEO of London and international residential property specialist, Chestertons exclusively told Express.co.uk that spring is usually when housing stock is “boosted”.
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But, he warned, there could be problems if a “boost” of housing stock is met by thousands of new buyers,
He said: “Spring always brings with it a boost of stock.
“That generally happens every single year.
“We expect to see the same this year.
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“But if 100 properties come onto the market in a particular area and it is also met by 2,000 additional buyers then it’s still the same situation of more demand than we have supply.”
Mr Gittins said the supply and demand imbalance is something buyers should “focus” on going forward.
He also warned that it’s unlikely housing stock will increase in the short term.
“I can’t see in the short term that the supply and demand imbalances are going to shift dramatically,” he explained.
“There’s just too many buyers who made the decision that they want something different to what they’re living in at the moment.
“That’s not going anywhere anytime soon.”
Chestertons is a London and international residential property specialist.
The company has one of the biggest network of branches in London, with 31 sites across the capital as far reaching as Richmond all the way over to Islington, Kensington and Knightsbridge.
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