NAEA confirm 14 year low in housing supplyMake Text Bigger
The National Association of Estate Agents (NAEA) have released their UK housing market report for January 2016 showing the supply of available housing is at it’s lowest point in 14 years.
The report indicates the number of properties available per NAEA member branch fell to 33 in January, the lowest figure since December 2002 when only 25 properties were available per member branch.
However, demand for housing had a massive up turn in January. There was an average of 453 house hunters registered per branch the most since last summer and a 21% increase from December.
The NAEA reports this reflecting an increased activity from landlords try to complete on new buys before the increase of a 3% surcharge on Stamp Duty for 2nd property purchases coming into effect on April 1st. This is shown in 72% of estate agents reporting an increase in interest from landlords.
Managing director of the NAEA, Mark Hayward, said “Our findings this month reflect what we are all seeing across the market which is that landlords are trying to complete on sales ahead of the changes to stamp duty on additional homes in April. It continues to be a sellers’ market as demand outstrips supply.”
“The number of sales made to FTBs has increased this month, and we should expect to see their market share rise after April. The fact that housing supply has reached a 14 year low really highlights the need for the government to push the house building programme to the very top of their agenda and help more FTBs make their first step on to the housing ladder.”
NAEA bar chart below:
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