A new report has found that the number of homes for sale in the UK has fallen by over a third since the recession began. The startling data from the National Association of Estate Agents (NAEA) shows that there are 38 per cent fewer properties for sale in 2012 than there were back in 2008.
Falling prices and the struggling house-building sector have been blamed for the shortage in property available to UK buyers, as we see next.
The UK has 38 per cent fewer houses for sale than in 2008
The NAEA report found that estate agents had an average of 62 properties available for sale per branch during September, well below the average 100 per branch in December 2008.
Mark Hayward, President of the NAEA said: “This comparison shows the true extent of the drop in the levels of available housing since the economic downturn took hold. A combination of increased seller caution and a seizing up of activity within the house building sector has led to a significant reduction in the number of homes on offer for would-be house buyers.
“While it’s important that house hunters have access to funding and mortgage finance, a more meaningful commitment to delivering higher volumes of new homes is required to get the market moving again.”
New figures from Halifax show that house prices fell by 1.2 per cent in the three months to September. With pessimism about property values, it’s no real surprise that vendors are reluctant to put their homes on the market.
“When you also consider how few new properties are being built, homebuyers are currently faced with the worst choice of properties in recent years. Even if you can manage to secure mortgage finance, you have far fewer properties to choose from.
Author : Nick Marr