Patience is running thin among a large number of people wishing to either get on the property ladder or move up. Prices are inching upwards due to cheap money, growing confidence and a severe lack of supply. The economy is looking more positive and unemployment levels are down, but it’s not as though everyone has suddenly started earning a lot more money to justify the increase in prices. Supply will have to increase greatly right now for prices to level off at all. I just don’t see that happening in the very short term.
In essence, what we’re seeing now is the result of the continual increase of new buyers coming in to the market place throughout 2013 at a far higher rate than they are able to buy and subsequently move out of the market place. We’ve got buyers and vendors looking to spend their money but just aren’t able to. As soon as something close to ticking boxes for buyers comes up, they’re going for it; and normally with strong competition.
January has been as much of a sellers market as I have known in the the last 6 years. Buyers are frustrated and becoming more impatient.
One thing we can guarantee is that it won’t remain a sellers market forever.
Mr Green Estate Agents