The demand for housing increases further as a reported 12 buyers chase each home that enters the market in the first quarter of 2014, a survey has found.
These figures, released by Countrywide, also revealed that this is an increase of 20 per cent in prospective house buyers in Britain when compared with the final quarter of 2013. This is the greatest demand there has been for homes since 2008.
As expected, this figure is significantly more visible in the nation’s capital than the national average, with 25 buyers to every one property on the market in London.
According to mortgagestrategy.co.uk, this increase in demand has been caused by the government’s Help to Buy scheme, with nearly one in every five homes purchased with the help of the initiative.
Grenville Turner, chief executive at Countrywide plc, told financialreporter.co.uk that the scheme has helped to increase confidence levels amongst house builders as there is more assurance that their properties will sell.
Mr Turner also stated: “The extending of the equity loan guarantee allows developers to plan with some certainty that demand will continue to exist in 12 months’ time and goes some way to bridging the increasing gap between new supply and demand for property in the UK.”