A shortfall in the number of homes coming up for sale remains a major stumbling block for the housing market, economists at the Royal Institution of Chartered Surveyors have warned.
While the Chancellor s Budget measures, including the extension of the stamp duty holiday until the end of June, will give the sector a boost, stock levels are low and prices continue to rise, it said.
More estate agents now think property prices will continue to rise over the year ahead, amid the easing of lockdown restrictions and opening up of the economy.
However, lockdown restrictions put sellers off putting their homes up for sale in February, the Rics said in its latest findings published today.
Property surveys: Which one should you choose, and what are the hidden nightmares that can lurk within your new home?
Buyers can choose between a snagging survey, condition report, homebuyers report and building survey - but what is the difference between them?
Surveys will open a buyer s eyes to hidden problems with their new home, which could include rising damp, subsidence, a leaking roof, dry rot and asbestos
If serious issues are discovered a buyer can walk away or renegotiate
As well as money, those who have a property transaction fall through will often have committed significant amounts of time. It currently takes 126 days on average for a property to go from offer to completion, according to Rightmove.
On top of the financial cost and the time lost, there is also a psychological impact. Not being able to move into the house they expected to can throw people s lives into disarray.
For example, a divorced couple might have to remain living together, a first-time buyer could be forced to continue renting or living with parents, or a couple expecting a baby may be left with no choice but to remain in their one-bedroom apartment.
Property market faces energy-efficiency ticking timebomb: Two-thirds of UK homes will be unsellable by 2028 unless they insulate
The Climate Change Committee has proposed all homes for sale should attain an EPC rating of C from 2028
The CCC is advising the government on how to achieve its net zero carbon emissions target
Less than one third of UK properties have an EPC of C or higher
My partner and I are looking to increase space and add value to our current home.
We have been advised that either a loft conversion or a rear extension would be the best way to do this.
How should we decide what to do? How much will it likely cost? What will be involved? And how much value will we add to our home?
The average cost of a loft conversion in the UK is around £40,000, according to MyBuilder
Ed Magnus of This is Money replies: The pandemic and its resulting lockdowns have given us an overwhelming desire for space – whether that is for an extra room to work in or a garden to escape to.