Estate agents are crying out for sellers to put their properties on the market as massive new buyer demand hits a slump in supply.
Help to Buy fuelled a whopping 92% annual rise in new buyer enquiries in first week of October, estate agency Haart reports, but new property supply fell by 2% over the same period.
The mismatch between demand and supply has forced up the average first-time buyer property to £152,593, a rise of 6.1% annually and 3.2% in the last month alone.
Estate agency haart enjoyed "an precedented" 92% surge in buyer enquiries in the first week of October compared to the same time last year, said chief executive Paul Smith.
"However, we are currently seeing only around 35% of our valuations coming to market, when previously this was around 50%.
"Our message to potential sellers is 'sell, sell, sell' as we just can’t get enough stock.
"Demand for first homes, in particular, is overwhelming and the supply is still extremely limited which is why the average price of such properties is up 6.1% annually.
"There is no doubt that the catalyst for this was the advanced launch of Help to Buy’s second phase – first-time buyers are now not only getting mortgages but also getting younger, with an average age of just under 32 years old."
Second-steppers are finding their property snapped up quickly and at very good prices, Smith said. "Our message is to act now and not wait for the New Year.
"The first-time buyer comeback is definitely not abating and this is the message that sellers need to hear to oil the market sooner rather than later and to keep a lid on rising prices."
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