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06/11/2009 12:06:52

Property demand 'increasing'

The demand for property is significantly outstripping the supply of available homes, new research indicates.

Figures released by the National Association of Estate Agents (NAEA) reveals that the average estate agent branch had some 57 properties on its books in October, compared to the 62 available in September.

As present, there are five prospective buyers for each home available.

Such demand was deemed to have driven property values as the difference between the asking price for a home and the amount it actually sold for stood at 8.8 per cent last month, a fall from the 10.9 per cent gap recorded in September.

"Many buyers are at the very beginning of the house buying process and this is creating a lack of properties in the short term," NAEA president Gary Smith claims.

He adds that the government and banks need to take action in order to guarantee the continued resurgence of the property market, with the extension of the stamp duty holiday an effective way to do this.

Such comments follow points by What Mortgage editor Ben Wilkie that lenders are beginning to feel more confident about the property market as an increasing number of 85 per cent loan-to-value mortgages are approved.

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