Gap between property demand and supply widest since 2013

House prices

The mis-match between buyers and sellers is putting an upward pressure on house prices

The gap between the number of house hunters coming to market and the choice of properties for sale in Leeds is at its widest since 2013, according to surveyors.

It comes as estate agents across the city report seeing huge demand for houses that outweigh the housing stock, with some homes selling within days.

The mis-match between buyers and sellers is putting an upward pressure on house prices.

A net balance of 32 per cent of property professionals noted a rise in new buyer inquiries during May, according to the Royal Institution of Chartered Surveyors (Rics).

But the supply of homes dropped further, with a net balance of 21 per cent of surveyors reporting a decline in the number of new property listings.

The growing disparity between new buyer inquires and new instructions from sellers means the mis-match is at its widest since November 2013, Rics said.

Against this backdrop, the upward pressure on house prices intensified, with 83 per cent of professionals noting a rise rather than a drop, up from 76% the previous month.

All parts of the UK continue to display strong feedback regarding house price growth, with exceptionally sharp readings being posted in Northern Ireland, the South West and North West of England, and Wales, Rics said.

It also suggested that the pipeline of available properties could improve over the coming months, based on the level of market appraisals being undertaken.

Growth in property sales may soften a little in the coming three months once the stamp duty holiday is tapered from July to September. But a balance of 64 per cent of surveyors expect house prices to rise rather than drop in the next 12 months.

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