A shortage of homes coming onto the North West’s housing market is seriously hampering growth and pushing prices higher, says the RICS January Residential Market Survey.
During January, the number of houses coming up for sale across the North West hit its lowest point since November, despite the amount of potential buyers continuing to surge ahead. In the three months to January, RICS found a net balance of 54 percent of surveyors reported interest from new buyers, down slightly from 66 the previous month, while a negative net balance of -11 percent said they had new sellers coming onto the market.
However, despite vendor numbers not having seen any sustained increase for some months, some surveyors note that supply is expected to increase as we enter the traditional ‘spring bounce’.
Peter Bolton King, RICS global residential director, said: “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.”