There has been a rise in asking prices in the UK, putting further pressure on first-time buyers, as consequence of fewer properties coming onto the market.
According to Rightmove, there are 5% fewer properties coming onto the market now as there were during the same period last year yet demand for property remains.
There has been a general increase in the number of first-time buyers looking to snap up properties, mainly due to the stamp duty savings most first-time buyers can now benefit from.
Rightmove Director, Miles Shipside, said: “Many buyers entering the traditionally busy spring market this year face paying more than ever for their target property, and having a more limited choice.
Shipside continued: “There is also upwards price pressure in the lower and middle market sectors with both first-time-buyer and second-stepper properties at new national record price highs. The first two months of 2018 saw Rightmove traffic at its highest ever levels, and this demand appears to be now feeding through to fuel the substantial £4,503 jump in average new seller asking prices this month”.
With supply still not matching up to demand, affordability continues to be an issue for many first-time buyers and ‘second steppers’.
In what is usually a busy time of year for sellers and buyers, Rightmove has reported a boost in the number of visitors to the website. The rise in asking prices is being driven by demand, shortage of supply of appropriate properties, and the seasonal Spring rush.
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