Property Market Being Held Back by Lack of Homes

I was interested to read a report from RICS advising that a shortage of homes coming on to the nation’s housing market is seriously hampering growth and pushing prices higher in many parts of the country.  Readers of my blog will know this coincides with my views and concerns about the property market for 2014.   The RICS January Residential Market Survey advised that the number of houses coming up for sale across the UK hit its lowest point since July 2012 despite the amount of potential buyers being considerably higher.  The RICS is reporting, however, that its members are expecting more sellers to come on to the market as the weather improves and we hit the traditional Spring rush.  Peter Bolton King, the RICS Global Residential Director, has advised that:

“It is no secret that we are seeing prices go up in many parts of the country driven largely by the lack of properties coming on to the market.   With more people now in a position to buy a home than at any point over the past few years there are simply not enough properties to satisfy demand.”

This report very much coincides with my own view and I would reiterate the need for local and national Government to support developers and also to move all barriers and costs to encourage more properties to come on to the market.

Lindsay Darroch
Partner – Head of Property 

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