Bad news for first time buyers as the number of houses up for sale is currently at its lowest level in nearly six years; a fact which has caused prices to rise further, according to surveyors, residential conveyancing solicitors and economists.
In fact, the situation has become so bad for first time buyers that the Royal Institution of Chartered Surveyors (RICS) has dubbed it a “national emergency”, while also warning that the Conservative government’s plan to extend the right-to-buy could be catastrophic in terms of ensuring it is able to reach its own housing targets.
“The affordability and availability of homes in the UK is now a national emergency and addressing this crisis must be the priority for the new government,” commented Jeremy Blackburn, RICS’ head of policy.
“Introducing demand-side measures, such as extending right-to-buy, will not see the Conservatives deliver on their promise of 1million homes by 2020.”
There are lots of signs that the outcome of the general election is already being felt in the property market. For example, in both London and prime areas of the south such as Brighton and Hove, there has been a rush of people looking to buy premium properties; this is perhaps because they know they will not have to pay the mansion tax Labour promised it would implement if it won the election.
There is, however, little in the way of good news for first time buyers.
If you would like help and advice in relation to a property transaction, whether you are a first time buyer or an experienced hand, click here for more from Healys LLP’s residential conveyancing team.