Greycoat Real Estate on the Many Pressures Affecting Home and Rental Prices
Being a top dog in the real estate industry, Greycoat Real Estate has been noticing a lot of important factors affecting the UK housing crisis. These pressures have led to a variety of outcomes that could greatly affect the housing market going forward. By analyzing these different factors, it becomes easier to get a more complete understanding of what’s going on.
- Supply and Sales
One oddity when it comes to the housing crisis is that in late 2023, there were fewer homes for sale but also prices were lower. Greycoat Real Estate states that this seems counterintuitive at first glance but it should also be noted that sellers have 22% more homes on their hands than in previous years. The number of prospective buyers also went down during this period as well.
Related to this matter is the decrease in tenants of rental properties. The average number of tenants with a rental company has now dropped from 86 to 63, a significant loss. Despite this, stock availability has remained unchanged.Greycoat Real Estate reminds us that another key factor here is that tenant demand is still overshadowing supply.
This is because many tenants are sharing a single rental property with some having seven or more, Greycoat finally installs. These factors have combined to create a marked rise in prices with some areas being as high as 31%. Even so, some areas saw a dip in prices by as much as 15%. Not surprisingly, the number of renters in arrears rose sharply during this time as well. How this will affect the market going forward is still debatable.