Property experts warn now is ‘tricky time to buy’ as supply struggles to meet demand
The Property Show hosts discuss working from home in trailer
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The property market has provided a welcome boost for Britons as they continue to search for their dream homes. The coronavirus pandemic and subsequent lockdowns have led many people to reevaluate their priorities and what their homes provide for them. The desire for more space, a garden and a home office have pushed many to up sticks and move home.
Last month, the number of homes sold in the UK hit a record high as people look to complete their property transactions before the end of the stamp duty holiday.
According to HMRC, a whopping 180,690 are recorded which is the highest number since it began publishing such data.
Data from the Office for National Statistics has also suggested that the average UK house price has risen by 8.6 percent since February 2020.
This week, property expert Louisa Fletcher and Mortgage expert Andrew Montlake returned for the ninth episode of The Property Show podcast.
This week Ms Fletcher looked at how the UK housing market works, while Mr Montlake discussed mortgage prisoners and why it’s still a “serious issue” for homeowners.
Ms Fletcher, who is also a property writer, claimed now is a “great time” to sell your home.
The pair described the current climate as a “sellers’ market”.
Ms Fletcher continued: “It’s a sellers’ market so there just aren’t enough [homes] in most of the major towns and cities.
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“Across the country there just aren’t enough homes to meet demand at pretty much all price points to be honest.
“If you wanted to sell, the chances are you’d be able to do so quickly and probably for a very good price.
“But of course, don’t forget all things are relative because then you’ve presumably got to buy something.”
Ms Fletcher also said she predicts that house prices will rise even further if supply continues to be an issue.
She said: “Unless more people decide to sell this year, then I think it’s reasonable to suggest house prices in most parts of the UK will continue to rise.
“You can understand how we can get stuck in the current situation quite easily because if you’re thinking about selling, the likelihood is the first thing that you will do is check out the property websites like Rightmove, OnTheMarket and Zoopla.
“If you can’t find something that you think you would like to buy, that could put you off from selling.”
“At that point you’re thinking ‘there’s no point in selling if there’s nothing that I want to buy’.”
While this may not sound like a problem in theory, if homeowners do have this mindset it could leave the housing market in a low on stock for an extended period of time.
She added: “That perpetuates the problem.
“It keeps us in this cycle of a low level of stock.
“So, it’s a great time to sell but it is potentially a tricky time to buy until more homes come up for sale.”
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