You Can Solve The Housing Stock Shortage
Yes we need more housing stock and the shortage of new build puts upward pressure on house prices but the real key to unlocking a normal functioning property market is for those people who would like to move but won’t list their home until they see something they like, is to hold their breath and put their house up for sale. If everyone who would like to move did this, supply would immediately increase holding price rises down and giving everyone more choice.
Too many householders put off placing their property on the market but they needn’t; they can control the process, they can accept an offer subject to finding something to buy. Doing so would put them in a better position to secure the home they need and if they can’t find anything to buy they can stay put. Agents don’t generally charge if you take your house off the market, even if they have found you a buyer, so it costs nothing to list your home.
There is a bottle neck, homeowners have put off moving for too long and the shortage of suitable homes to buy puts them off placing their home on the market. It’s a vicious circle – lack of stock breeds lack of stock, so if you’d like to move, subject to finding the right home to buy and subject to getting a price for yours that would enable you to move, then talk to your local agent, they’ll be able to manage the process to ensure everything slots into place.
Michael Groves CEO of Thornley Groves Estate Agents, which is part of the Lomond Group. With nine offices in City Centre and South Manchester handling residential property sales from £50,000 to £5 million.