A new research suggests that property buyers in the UK are becoming more efficient in their hunt for a new home by looking at fewer properties before making a decision.
Those looking to buy a property seem to become more task driven as the number of property sales has increased at a higher rate than viewings, the latest monthly report from estate agent haart showed.
These new findings paint a picture of a changing market. Whilst supply has increased by 6% across the country and by 9% in the capital, the numbers are still down by 20.8% compared to one year ago.
Demand from new buyers increased by 0.2%, is however also down by 29.7% year-on-year. In actual numbers this still means 11 buyers are chasing every single property available on the market.
The report furthermore revealed that the number of new tenants entering the market dropped by 8.3% in May and fell annually by 34.7%. The buy-to-let market experienced a similar decrease. The number of new landlords registering in the UK as well as the number of buy-to-let sales fell slightly.
Paul Smith, chief executive officer at haart, commented: “The UK property market is showing signs of improvement. Stock of new homes for sale has increased by almost 6% across the UK and by a huge 9% on the month in London. And although it remains a tough market for first time buyers who have seen their deposits rise again this month, we saw an 11% increase in new buyers looking to take their first step onto the ladder in May.”
Smith is also predicting a boost in the market, starting after the General Election, as consumer confidence usually increases during the post-election political honeymoon period.
“It is obvious that the desire for people to own their own home or move up the ladder is as strong as ever. We have every reason to be confident about the property market’s long term prospects but a greater emphasis from the next Government on helping aspiring home owners and increasing the amount of stock would certainly not go amiss.”