House-hunters say ‘lack of stock is negatively affecting search’

Savills found that while there are potential buyers out there, they are struggling to find properties.

Nine in 10 (90%) people looking to buy a home believe a lack of available housing is negatively affecting their ability to make a purchase, according to a property group.

Nearly two-thirds (65%) of potential buyers said the lack of available homes is having a severe effect, Savills found.

Stock shortages appear to be particularly acutely felt at the top end of the market, with 94% of buyers with a budget of £1 million or more reporting a lack of choice.

Savills surveyed buyers and sellers registered with it between February 9 and 15 to make the findings.

A separate report from Rightmove found that the average price tag on a home across Britain has rocketed by nearly £8,000 month on month.

The £7,785 jump in February is the biggest month-on-month increase in cash terms recorded by Rightmove in more than 20 years of its reporting.

It means the average asking price across Britain now stands at £348,804.

Rightmove said high demand and a shortage of stock are supporting a rise in prices and the new record average asking price this month.

Frances Clacy, research analyst at Savills said: “The imbalance of supply and demand, coupled with existing high levels of property wealth, will continue to fuel price growth in the coming months, despite the recent (Bank of England) rate rises.

“However, some cohorts are feeling the squeeze on finances more than others as high levels of price growth has eroded affordability in some areas, particularly in high-value locations.”

Frances added: “Realistic pricing will become more important as the market starts to feel the knock-on effect of the overall increase to the cost of living.”

Savills also said its research indicates buyers are prioritising being close to parks and open spaces, shops and local amenities over school and work.

However, the proportion of buyers who are prioritising being near to work has risen to 23%.

This matches the percentage who want to be close to a pub or restaurant.

“Almost two years on (from the start of the coronavirus lockdowns), buyers are still prioritising lifestyle choices and proximity to leisure facilities over school and work, with no sign of this reversing any time soon.”