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Five buyers chasing every home in the UK

It has been revealed that on average there are five potential buyers chasing each and every home up for sale in the UK at the moment. While in a normal market this would be welcome news and see prices pushed further and further ahead, in this particular market, where transaction levels are still fairly low, many people are concerned that a bubble is brewing which could pop at any time. So what is going on?

The problem is there is a lack of quality housing on the market in the UK which is forcing more and more people to chase up the price of those more desirable properties. This is then giving the impression to the wider market that the situation is improving when ultimately there are a number of hotspots around the UK which are having a disproportionate effect on the average UK house price and the headlines. So what next?

The concern is that as more and more properties come onto the market there will be less and less pressure on prices and indeed we could see sellers reducing their prices in the short term to guarantee a sale. The upwards pressure, when you bear in mind the economic outlook and mortgage market liquidity, cannot continue indefinitely and indeed the further it pushes ahead in the short term then potentially the larger the fall when the market "corrects itself".

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