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House searches more difficult as demand for new homes far exceeds supply

Here at Preston Baker Estate Agents we have been helping sellers find the houses they want

Major shortfall in supply of new homes,

The UK housing market is experiencing a major shortfall in supply of new homes, which not only means that house prices keep rising, but that homeowners wanting to sell are struggling to find their onward move.

It’s a familiar story for homeowners looking to move at the moment; they can quickly sell their homes, but can struggle to find their onward move with a shortage of suitable properties on the market.

Here at Preston Baker Estate Agents we have been helping sellers find the houses they want, with great results.

House prices up again

The lack of new homes coming to the market in the UK pushed prices up again last month, even as the housing market slowed after a partial withdrawal of the pandemic emergency tax break for property transactions, shows a new survey.

The Royal Institution of Chartered Surveyors’ (RICS) indicator of new buyer enquiries slipped in August to its lowest level since January, as too did its gauge of agreed sales.

However, with demand still far above supply, caused by people looking for bigger homes as they work remotely following the Covid-19 pandemic, the majority of surveyors polled by RICS, a net 73%, reported increasing house prices, although down from +79% in July.

Other surveys have also shown continued house price growth from July when a year-long stamp duty tax exemption on house purchases was halved in England and Northern Ireland and was cut completely in Wales. Scotland ended the incentive back in April.

“Solid market growth going forward”

"While momentum has eased relative to an exceptionally strong stretch earlier in the year, there are still many factors likely to drive a solid market going forward," said RICS economist Tarrant Parsons.

"Given the real shortfall in new listings becoming available of late, there remains strong competition amongst buyers and this is maintaining a significant degree of upward pressure on house prices."

A large majority of surveyors - a net 66% - said they expected house prices to go up during the next 12 months, unchanged from July's reading.

Current housing market conditions mean that it can be a struggle to find the house you want. You have your list of needs and wants for your new home, but just can’t find the house you want, or you find it and it gets snapped up by someone else. Sound all too familiar?

Finding your perfect home can be tricky, especially on your own. Here at Preston Baker Estate Agents we help people find the home they want.

If you would like us to help you in your property search please get in touch, or book a free valuation. Your local Preston Baker team will be very happy to help you in any way it can.

Preston Baker Estate Agents can help with your property search

“I feel very lucky to have got the house I wanted near to my family”

When Gerardine wanted to buy a house in Brayton near Selby to be close to family she found that houses that came to market were snapped up. After speaking to Preston Baker Estate Agents she was put on a list to be notified of any properties that may be available to buy.

“I wanted to buy a house in the village of Brayton but everything was just selling so quickly; then Preston Baker Estate Agents helped me in securing the house I wanted,” said Gerardine.

She added: “I was so pleased to get the house and with the service offered by Preston Baker Estate Agents. I just wouldn’t have got the house if it wasn’t for them. Houses in Brayton just go so quickly that I feel very lucky to have got the house I wanted near to my family.”

“We have a house that we can make as we want and live in for a very long time”

Tom and his wife were living in Selby but wanted to move to a larger house with their two children and set their hearts on the village of Thorpe Willoughby near Selby. It’s near to the children’s schools and the family have a lot of friends there.

The problem was that nothing was on the market, until Preston Baker found them a house that was perfect for the family.

“Preston Baker is fantastic – it’s the only estate agents that could find us a house in the village we wanted to live in,” said Tom.

He added: “We had bought a house that was a first step on the housing ladder and wanted more space and to be in Thorpe Willoughby.

“There was literally nothing on the market. We had a few estate agents round to value our house but none of them could find us a house in Thorpe Willoughby, apart from Preston Baker.

“We feel that we have got very lucky with the house that we have got in the area we want to be in and it’s all thanks to Preston Baker. We have a house that we can make as we want and live in for a very long time.”