Research suggests UK buyers are becoming more efficient and discerning - Property Wire

Research suggests UK buyers are becoming more efficient and discerning – Property Wire

First time buyers are being more efficient as they look for homes due to the multiple challenges they are facing in the UK. The average deposit has increased by 7.7% and there are 11 buyers looking to purchase the same home in England and Wales. Although the supply has increased it is still down 20.8% compared to one year ago.

Landlords are also entering their challenges. Potential tenants entering the market fell by 8.3% and rental rates have decreased by 1.6% every month.

Signs of improvement are in sight for the UK property market with an increase of new homes for sales and first time buyers still looking to purchase despite the rise in deposits. Hopefully, after the next election greater emphasis will be put on those aspiring to own a home.

Key Takeaways:

Home buyers are having to make quick buying decisions as seen from a dip in rate of viewing per buyer.
While demand for homes is down from a year ago, it is still considered strong compared to supply of homes on the market.
The housing market will look the the new government for signs of future stimulus.

“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.”