House for sale – more on the market

House for sale – Price Rises Lead to More for Sale

At the end of last year, the amount of houses put on the market increased by nearly a third as their owners pursued the profitable rewards on offer due to the almost record price rise for property in the UK. However, with many of the possible customers’ not keeping up with the property price rise, those that are looking to buy a new home should benefit from less competition.

With the overall number of houses that were put up for sale in the final quarter of 2014 reaching 187,905, compared to the 147,852 that were entered in the last three months of 2013, the figures are staggering. This means the market saw a 27% increase year on year. These numbers were supplied by the credit checking organization Experian.

Some estate agents have seen a 20% rise in the number of properties put up for sale at the end of 2014 compared to the last quarter of 2013. This is likely due to people having more confidence in the market now and demand for properties is much higher. The changes to stamp duty have also been a contributing factor.”

Nevertheless, it should be noted that due to George Osborne’s stamp duty reforms, along with increasing house prices and also more stringent mortgage loan regulations, the typical deposit to buy a home has reached its highest since October 2013.

Last week The Office for National Statistics informed the public that the overall increase in the average UK household for 2014 was the highest since 1980, not including the record breaking year of 1988. Although they’re unable to offer data at present on prices in December, the Office for National Statistics notified that the average UK home is now £271,000 in November, which was 10% higher than at the same period the year before.

Post courtesy of Money Expert.