Tough competition among home buyers

19 June 2009

Homeowners considering selling up and buying a new property rather than extending their own with a roof light and loft conversion may find there is tough competition.

Recent figures show demand for homes is outstripping supply, with four house-hunters to every available property.

According to the National Association of Estate Agents (NAEA) statistics, the typical member has an average of 69 properties on it books.

However, they also had around 299 people registered as looking last month, compared to 265 in April and 247 in May 2008.

NAEA president Gary Smith said it was great news for the housing industry.

He explained: NAEA members are showing that there are buyers a-plenty out there."

Despite this, some homeowners may be put off selling by Nationwide statistics, which show house prices in may were down 11.3 per cent year-on-year, averaging £154,016.

Those deciding to improve rather than move have a number of options at their disposal, including conservatories, garden studios and pool houses. ADNFCR-1496-ID-19228564-ADNFCR

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