Kitchen owners witness lack of property competition
Posted by Sinks on 27th Jun 2017
Homeowners seeking to carry out kitchen renovations ahead of a property sale are currently seeing a low number of potential property buyers.Selwyn Lim, director of Mouseprice, stated that such low demand is holding back transaction levels and property prices.There are just not that many people out there who are in a position to buy and so there is a lack of buyers competing against each other. The availability of mortgages definitely plays a significant role in that, he said.However, Mr Lim added that the Bank of Englands low interest rates have resulted in fewer forced sellers placing their homes on the market, which could support prices somewhat in the short term.Homeowners aiming to add value to their properties could choose to upgrade vital fixtures like kitchen sinks and taps. According to figures from Hometrack, demand for housing fell in November by the largest monthly decline since January 2009.