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Property Market Report
The pandemic has fuelled buyer appetite for more space, leading to a sharp drop in the number of three and four-bedroom houses on the market according to the latest report produced by Zoopla.
The level of family houses for sale has hit a five-year low as buyer demand for properties offering more space significantly outstrips the supply of homes on the market.
The number of four-bedroom homes for sale has dived by more than 20% year-on-year in all regions of the UK. The availability of three-bedroom properties is also down across the board, with northern regions the most affected.
Overall, houses account for 59% of listings on Zoopla, compared with 76% four years earlier.
Grainne Gilmore, head of research at Zoopla, said: “The imbalance between supply and demand, which is creating a very tight market for family homes, will start to ease in the near term as homeowners becoming increasingly comfortable opening their homes to viewings, in turn building supply of new stock.
“The scale of buyer demand will also moderate from the peaks seen after Easter as lockdowns end across the country and there is some return to pre-pandemic normality.”
But Gilmore adds that the fundamental imbalance will remain, with the search for space among homeowners set to continue, particularly as some office-based businesses are now confirming their working practices will change for the longer-term.