Housing - Ten buyers for every property

According to Countrywide, there are nearly ten potential buyers for every property on the market, with the number chasing every home continuing to rise. There was an average of 9.7 buyers for every property coming on to the market in November 2013, compared to 8.5 in November 2012, 7.1 in November 2010 and 6.5 in November 2008, Countrywide said. The lettings market has also remained strong, with an average of 10.4 prospective tenants per property. The group, which predicted 5% growth in house prices this year due to a ripple effect outwards from central London, also reported that first time buyers are becoming an increasingly concentrated group, in terms of age. Chief executive Grenville Turner said: ''We expect the proportion of buyers aged between 25 and 44 to grow to encompass 87% of all first time buyers by 2023, up from 67% in 2003. The Telegraph also reports that the study suggests that the UK could face a shortfall of a million new homes by 2021 as developers continue to play catch up after the financial crisis. Countrywide found that new build developments in London and the South East are only at 68% of 2005 peak levels, while new starts in the East Midlands are at 36% of volumes built in 2005. The Daily Telegraph, Page: 1, 2 Daily Express, Page: 21 Yorkshire Post, Page: 4 The Herald, Page: 10