Housing shortage crisis: Britain’s three most difficult areas to buy a home – is yours one of them?
HOUSE PRICES HAVE RAISED in recent months as a result of a severe housing shortage triggered by sky-high buyer demand in the aftermath of the coronavirus outbreak. What are the three most difficult places to buy in the UK right now?
The stamp duty holiday, a shift in lifestyle for millions of people, and pent-up demand following last year’s tight closures have all combined to bring an unprecedented influx of buyers to the market. However, when the market imbalance worsens, certain locations are considerably more difficult to buy in than others.
The current epicenter of the supply deficit has been identified in Newmarket, Suffolk.
In July, agreed sales in Newmarket, 60 miles north of London, increased by 79 percent over the same period in 2020.
Meanwhile, the number of new sellers who put their houses on the market dropped by 49%.
Since July 2019, sellers have increased their asking prices by an astonishing 9% as a result of the supply deficit.
In July, two-thirds of all advertised properties in the United States had already found a buyer.
Three out of every four properties in Newmarket were sold subject to contract.
According to Rightmove’s study, Berkhamstead in Hertfordshire is presently the second most difficult place to purchase.
In July, sales increased by 58 percent year over year, while new vendors dropped by 57 percent.
Sales increased by 51% in Witney, Oxfordshire, while the number of vendors decreased by 59%.
Following the first coronavirus lockdown in March 2020, the housing market has gone into overdrive, with sellers of large residences delaying downsizing plans and purchasers yearning for more space.
According to analysts, the suffering for purchasers is unlikely to end anytime soon, as prices are predicted to remain high and demand to remain high.
“We estimate that house prices will remain steady for the remainder of the year, with a probable rise in prices from 2022,” Nathan Priestley, chief executive officer of Leeds-based developer Priestley Homes, told This website.
“This is owing to a lack of supply and a present housing shortage across the board, with COVID-19 hurting construction delivery beyond the fourth quarter of this year.
“The building work that was halted during the first national lockdown has had a long-term knock-on effect.”
The COVID-19 pandemic, according to Mr Priestly, has “created a domino effect.”
As a result, there is now a “12-month gap in lower.” Brinkwire Summary News