The property market experienced encouraging signs in February as potential home buyer numbers reached the highest level in 5 years, according to a new report.
The amount of potential buyers signing up with estate agents rose by 18%, the greatest interest witnessed since the 23% increase back in February 2007, as reported by Hometrack. Buyer numbers in the South East were up 28%, and 22% in the South West. However numbers were helped by a rush of first time buyers eager to beat the end of the stamp duty holiday on March 24.
With numerous buyers also wishing to sell, the inventory of property arriving on the market increased 10% throughout the month. Nevertheless, with the increased numbers of first time buyers who have no homes to sell, demand outstripped availability throughout the vast majority of regions, and the lack of available homes remains a major feature of the current housing market. During the last 6 months there was only a 1.5% improvement in the number of homes for sale, meaning that prices remained static, the survey reveals.
Richard Donnell of Hometrack, stated that the increase of 0.1% noted in Greater London balanced out drops of 0.1% in the West Midlands, East Midlands, the North West, the South West and also Wales.