GUY MEACOCK

Jazmin Atkins
Warnings of 'acute shortage of supply' in housing market

15 JUNE 2015

 
The number of homes for sale has fallen to its lowest level since records began in 1978, with the Royal Institution of Chartered Surveyors (Rics) warning of an ‘acute shortage of supply’.
 
It has been surprising that the housing market hasn’t taken more confidence from the election result with the predicted bounce just not happening.
 
Much of the reluctance to sell is down to transactional costs. With the cost of moving so high, many homeowners are preferring to stay put and improve what they have got, rather than go through the stress, hassle and cost of moving.
 
The sales market at the upper end is still digesting the changes in stamp duty at the end of last year, as everyone was distracted by the possibility of a mansion tax. It is now dawning on sellers that buyers can’t stomach higher transaction costs of 10 to 15 per cent of the purchase price, with about £1m in costs on a £10m purchase.
 
The problem is that if you do sell, where are you going to buy? With not much stock on the market, there is little choice and many chains are falling through as a result.
 
It is a real challenge trying to find someone who is prepared to sell at the right price, which is where a buying agent can come in very handy indeed.

OUR OFFICES

LONDON
1 Duke of York Square,
London,
SW3 4LY



T +44(0)20 7881 2388

map

HAMPSHIRE & WEST COUNTRY
Norman Court Barns,
Norman Court Lane,
Upper Clatford,
Hampshire,
SP11 7HB

T +44(0)1962 795 035

map

EAST ANGLIA
The Manor House,
Church Road,
Great Barton,
Bury St Edmunds,
IP31 2QR

T +44(0)1284 788 306

map

COTSWOLDS & OXFORD
The Stable Block,
Cornbury Park,
Charlbury,
Oxfordshire
OX7 3EH

T +44(0)1608 810 662

map
contact
Spears
Top 25

Prime Purchase Limited. Registered in England No. 3479090. Registered office: 33 Margaret Street, London, W1G 0JD. A wholly owned subsidiary of