According to recent research from Savills in the wake of Chancellor George Osborne’s budget, there will be a deficit in available property of 1.1million in England by 2016 and 1.7 million by 2029 if the patterns in housing demand and supply continue the way they have done since 1990.
To prevent this shortfall an additional 75,000 houses per year would need to be built, on top of the 140,000 per year that are scheduled to be built. But what does this mean for the prime property market?
As recent reports from Elite Property Search have shown, the market for million pound houses tends to fair somewhat better than the general property market in times of economic uncertainty.
Max Storey, Director at Elite Property Search, explains why he thinks this is:
“There are clearly only a finite amount of prime period properties in existence. An increased property shortfall will do nothing but heighten the desirability for these types of properties and likely increase the rarity in them coming to market,” Max says. “The Prime Period Property market will always outperform other sectors and remain resilient to any market downturn.”
Elite Property Search is a buyers agent that helps those seeking to purchase their unique prime property find their dream home.
Wherever in the country you are looking to buy a prime property, home finders such as Elite Property Search can help. With many years expertise in the million pound property market and excellent contacts with estate agents and private sellers across the country, Elite have their finger on the pulse of the prime property market.
With the predicted shortfall between demand and supply of housing in years to come, Max Storey also believes that the need for buyers agents will become ever more pressing.
“It is unlikely that any proposed new home development schemes will be able to keep up with housing demand,” Max explains. “The likely property shortfall will increase the need of representation in the marketplace for buyers.”
Buyers agents, unlike estate agents, work on behalf of the buyer instead of the seller. Elite Property Search do of course maintain excellent relationships with all the selling agents, however, who will provide access to bottom drawer properties as well as those that they are more actively marketing. On top of that, Elite also regularly access privately available properties before they are put on the open market.
If you are looking for a prime property, be it a period home or a modern development with sea views, contacting property finders such as Elite Property Search is a great way to take the stress and hassle out of finding your dream home.
Contact one of Elite’s experienced directors today for a truly personal service that will take into account all your home finding needs.
Contact name: Max Storey
Elite Property Search
Bristol and West House
Post Office Road
Bournemouth
BH1 1BL
Tel: +44 (0)1202 766566
Email: [email protected]
Web: http://www.elitepropertysearch.com/
