Sudden Housing Demand Drying-up UK Realty Stock

One in four people (25%) plan to buy a home in 2020, with a further 28% saying they are considering a property purchase this year. However only 4% of homeowners are looking to sell this year. The government’s stamp duty holiday has given people a short-term encouragement to buy. Despite the numbers of consumers ready to buy, industry research shows that thousands of homeowners are still reluctant to sell in 2020. This mismatch between buyers and sellers has the potential to dry up UK housing stock, making it harder for homebuyers to find a new place to call home. In the capital, 69% planned to buy property in 2020, but just 12% of current homeowners said they would consider selling and 4% definitely planned to sell this year. Kevin Roberts, Director, Legal & General Mortgage Club, said: “From first-time buyers to landlords, we are seeing unprecedented demand from consumers post-lockdown eager to move ahead with home moves and buy-to-let purchases. Many are turning to independent mortgage advisers to find routes onto the ladder and get their housing plans on the move.