As sellers became reluctant put their homes on the market in 2017, buyers became increasingly frustrated that they were unable to find their dream home and so the market slowed. But, with more stock on the market, those buyers are now more likely to find their dream home.
In order to move into their new home, buyers must first sell their existing home, adding even more stock to the market. With more stock on the market, transactions are likely to climb and confidence in the market will grow.
Antony Gibson, Romans’ Sales Managing Director comments; “One of the biggest frustrations being voiced by home hunters may be coming to an end. The absence of choice in the market place – and the cry that there are simply not enough homes on the market to satisfy demand.
This has in recent times caused many to give up hope of finding the right property or place searches on hold.”
Those buyers need to take another look as we are taking instructions from more sellers than this time last year and the choice of property to buy through Romans is up 15%!
With more stock available and less competition from landlords, first time buyers are also more likely to find a suitable first home. This, coupled with their exemption from stamp duty has resulted in a record number of first time buyer purchases being recorded by Halifax at the start of the year.
First time buyers are incredibly important to the overall housing market as they allow existing owners to sell up and take their second step.
Antony summarises, “Buyers want choice and we have sellers who want to move. Finding a property to buy this spring will be easier than in previous years – you just need to get out there.”