In a report that highlights the growing gap between housing supply and demand, an estate agent has revealed that there are around eight potential buyers for every one property placed on the market.
And demand is such that sellers are seeing a 67 per cent increase in offers made on properties that are already available for sale.
London in particular is seeing the effects of a drought of available property, the Hampton International report found.
There has been a 50 per cent decrease in the number of properties being offered for sale in the city ñ but a 38 per cent increase in the number of people looking to buy.
A spokesman for Hampton International said: “The continued imbalance in supply and demand is beginning to have a real impact on the areas people are looking to buy.”
And he added that the current situation shows “no signs of abating”.
In related news, there have been several reports recently of UK property hunters, especially first-time buyers, looking for property abroad as they have priced out of the domestic market.
A recent survey by National Savings & Investments found that over a quarter of first-time buyers were considering buying abroad.
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