29 Jul House Prices Grow and Supply Shrinks
The property market has been a busy place over the last 18 months, with Government schemes like help to buy, the stamp duty holiday and 95% mortgage guarantee stimulating the industry and, in turn, helping set the UK economy on the road to recovery.
While getting people moving home has been fantastic in the short term, it has led to a shrinking in the supply of new houses to the market in some areas of UK. If you are looking for estate agents in Langley or Burnham make sure that you contact us to speak about your property options, you can call us on 01753 546655 for Langley, 01628 666666 for our Burnham branch or drop us an email.
We are location experts and the leading independent sales and lettings agent in Slough and the surrounding areas; our team would be delighted to advise you on your next move.
Supply and Demand
The lack of new properties coming to market is pushing up house prices across the country as vendors aim to price their properties competitively and secure the best price for their homes. The knock-on affect this has down the chain creates some lengthy delays in decision-making and some of the links struggling to find suitable properties for themselves.
In fact, according to the Royal Institution of Chartered Surveyors (RICS), the number of new properties coming to market fell by a third in June – of course, this is an average across the country.
There doesn’t seem to be any let up in the demand for new properties, especially with the mortgages becoming more accessible to those with smaller deposits. The transition from tenant to homeowner continues to grow as more and more first-time buyers take advantage of preferable mortgage rates.
Having said that, the demand for rental properties rose in June which subsequently boosted the rental market and pushed up rent costs. Landlords naturally continue to price their properties competitively and with new resurgence in the London rental market spreading to the commuter belt, tenants continue to look to rental properties in Slough and the surrounding areas as a way of escaping climbing costs in the City.
Some of the sharpest house price rises occurred in the North of England in June as people rushed to get their transactions completed before the final Stamp Duty Holiday Deadline at the end of September.
London, however, saw a reduction in enquiries except for larger houses with outdoor space where the demand remains strong. Usually in London the highest demand is for apartments and flats, however, since the Covid-19 pandemic and its subsequent lockdowns, people have been placing greater emphasis on out side space and access to green areas.
Get in Touch
So, if you would like to speak to the leading estate agents in Slough, a member of our expert team will be happy to talk to you about your property options; make sure you give us a call on 01753 546655 for Langley 01628 666666 for our Burnham branch or even drop us an email. You can also follow us on Facebook, Twitter and LinkedIn.