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Supply and demand for property at its highest gap in 7 years

Updated: Apr 19, 2023

The latest data from the Royal Institution of Chartered Surveyors (RICS) has confirmed that the gap between supply of new property listings on the market and the demand from those people looking to buy was at its widest for more than seven years in May 2021. This gap has been fuelled in some part by the rush to beat the end of the Stamp Duty holiday.

The number of people looking to buy a new home continued to rise in May, with a net balance of 32% of their surveyors reporting an increase in prospective buyers.

In more encouraging news, RICS also states that there are some signs that the number of properties coming to the market could increase over the coming months. There has been an uplift in the amount of market appraisals that its members have been asked to carry out when compared to the same point last year.

There’s little doubt that the Stamp Duty holiday has driven a good proportion of this uplift and so the question remains as to what will happen when that ends at the end of the month – although of course there is a staggering of return to previous rates up until the end of September.

RICS’s chief economist Simon Rubinsoh doesn’t believe it will have a seismic affect: “Ending a tax break always has the potential to be a little disruptive for a market but with the economy performing better than could have been expected even a short while ago and the cost of money still at rock bottom levels, the principal drivers supporting demand will remain in place even after the expiry of the stamp duty holiday.”

As ever, it means that getting value from every aspect of the property purchase journey makes sense. And that’s where we come in. With access to the entire mortgage market and a rate war going on between lenders, we can help you find the most appropriate mortgage for you and keep your monthly payments low.

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