Property buyers in UK are becoming more efficient

homeAccording to the latest report, Buyers in the UK are becoming more efficient, looking at fewer properties as sales have increased at a higher rate than viewings, But it is still a tough market for first time buyers as the average deposit they are paying has increased by 7.7%. It paints a picture of a changing housing market. Supply has increased by almost 6% across the country and by 9% in London but despite the 5.7% rise in stock, supply is still down 20.8% compared to a year ago. Overall new buyer demand increased by 0.2% but is down 29.7% year on year but there are still 11% buyers chasing every property in England and Wales.

Paul Smith, haart chief executive officer: “The UK property market is showing signs of improvement. Stock of new homes for sale has increased by almost 6% across the UK and by a huge 9% on the month in London. And although it remains a tough market for first time buyers who have seen their deposits rise again this month, we saw an 11% increase in new buyers looking to take their first step onto the ladder in May. It is obvious that the desire for people to own their own home or move up the ladder is as strong as ever. We have every reason to be confident about the property market’s long term prospects but a greater emphasis from the next Government on helping aspiring home owners and increasing the amount of stock would certainly not go amiss.”

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