With the demand for properties continuing to increase what do the experts say?
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.
32% 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 inequity will drive up house prices.
In the wake of this, Bradley Mackenzie, a RICS Accredited Valuer from Stokemont.com had provided some much-needed advice on what the news means for both buyers and sellers.
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.
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!
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.