West Oxfordshire mirrors the best in National property trend
Buyers outnumber sellers, so we need your house to sell now!
A shortage of homes coming onto the nation's housing market is seriously hampering growth and pushing prices higher in many parts of the country, says the RICS January Residential Market Survey.
During January, the number of houses coming up for sale across the UK hit its lowest point since July 2012, despite the amount of potential buyers continuing to surge ahead in most areas. However, despite vendor numbers not having seen any sustained increase for some months, it is expected to increase as we enter the traditional 'spring bounce'.
However, last month, with the gap between supply and rising demand not seeing any considerable change, prices continued to grow in every part of the UK. During January, a net balance of 53 percent more respondents across the country reported growing prices (from +56 percent in December). The cost of a home in the UK has now been rising for just under a year.
Across the UK, the biggest increases in activity have been seen in the South West and Yorkshire and Humberside where sales numbers jumped 50 percent and 40 percent respectively since January last year and in reality West Oxfordshire is no different in broad terms.
Looking ahead, the more positive outlook continues with predictions that transaction numbers should increase over the coming three months, while expectations for future prices are also strongly positive.
Peter Bolton King, RICS Global Residential Director, thinks that it's no secret that we are seeing prices go up in many parts of the country, driven largely by the lack of properties coming onto the market. With more people now in a position to buy a home than at any point over the past few years, there are simply not enough properties to satisfy demand. The upshot of this is increasing prices in many areas and this looks set to continue for the foreseeable future. (Extracts from an RICS report).
The general opinion is that the spring bounce will see more property come onto the market, which is actually a normal occurrence when the weather improves. So if you require a Free valuation and expert advice about market trends and selling your property, why not call us today.