Property ladder is neglected as house shortage increases
The amount of homes for sale in November has decreased to an all-time low. According to the Royal Institution of Chartered Surveyors (RICS) this will make for an “unrealistic housing market” in parts of the country and put first-time buyers off purchasing a house. This, alongside the differences between supply and demand is making for an unruly market.
The number of homes for sale has been steadily falling since the beginning of 2014, but is particularly intense at the moment. One of the main factors at fault for causing this is that 100,000 too few homes are built every year compared with what is needed to keep up with the demand. However another potential cause for this may be that some people who are buying on the property ladder are renting out their old property meaning the old home never gets put up sale.
The shortage of properties for sale is affecting everyone looking to buy as there is a very limited selection currently available. Although this is also resulting in sellers asking for unrealistic prices for their homes, deterring first-time buyers from ever getting onto the property ladder.
Aislinn Devlin, Pali Ltd
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