The Royal Institution of Chartered Surveyors (Rics) has warned that the gap between supply and demand in the housing market is the highest it has been since 2013.
Thirty-two per cent of those in the property industry reported an increase in people looking to buy, but 21% of property professionals reported a dip in the number of properties being listed. It is expected that this imbalance will drive up house prices.
In the wake of such a significant report, Bradley Mackenzie, a RICS Accredited Valuer from stokemont.com, has provided some much-needed advice on what the news means for both buyers and sellers.
1. How should people looking to get onto the property ladder respond to this news?
Buyers should be prepared to be open to alternative forms of purchase such as rent to buy or shared ownership to enable them to get onto the ladder within their means.
2. What does the disparity mean for people with a home on the market?
Sellers are likely to be able to hold on or hold firm to ensure they get the highest possible sale price. Demand supports it!
3. How can buyers and sellers best prepare for drastic changes in the market?
Buyers should be prepared for higher prices and less wiggle room with negotiations. Sellers should be ready for more viewings on their homes and potentially a tougher purchase up the chain or ladder!