The gap between the number of buyers and the number of properties for sale is growing and is fuelling the housing crisis, according to the National Association of Estate Agents.
It comes just days after it warned house prices will soar 50 per cent to an average of £420,000 within 10 years.
Supply dipped and demand grew, as number of sales made to first time buyers (FTBs) fell in November, reveals the National Association of Estate Agents (NAEA) November Housing Market Report1.
- Sales to FTBS fell by 10%
- The number of house-hunters registered per branch rose by 20% as the supply of housing available to buy fell in November
After a promising period from July to October in which the number of sales made to FTBs grew, in November the percentage of sales made to the group fell by 10%. Sales as a whole are down by one percent – which is typical of this time of year – but sales to FTBs have nose-dived dramatically – and estate agents believe it will only get worse.
The Chancellor outlined plans to help FTBs get on the housing ladder during his Autumn Statement at the start of last month, but over half (53%) of NAEA members think the group will continue to feel squeezed out of the market, due to the lack of affordable housing.