Nine out of ten homes don’t reach the open sales market
Nine out of ten homes don’t reach the open sales market, new figures have suggested.
Data from estate agent CRM providers Alto, combined with ONS figures, revealed that the vast majority of new build properties don’t make it to the open market for people to buy.
Instead, new build properties are going to build-to-rent developments, developer direct sales and affordable housing or share ownership schemes, according to the report in The Express.
Limited access
This is limiting the access that homebuyers have to the new build market.
There are estimated to be 200,000 new build properties build in England in 2024/2025.
And yet, only 21,261 make it to the open market, according to the findings.
At the same time, only 2% of new builds in London make it to the open market.
Riccardo Iannucci-Dawson, Chief Executive of Alto, said: “People see homes being built and assume they’ll be available to buy, but the reality is many never reach the market.
“This isn’t just about how many homes are built, but how many are accessible – and in some areas, that’s a small fraction of total supply.”
People see homes being built and assume they’ll be available to buy, but the reality is many never reach the market.”
Iannucci-Dawson added: “It is clear the appetite to own a home is still there, but the opportunity doesn’t mirror their eagerness.
“The open market is often estate agent-led and follows the traditional path of the buyer finding a property through an agent.
“It is clear to see a large proportion of homes aren’t making it to the ‘typical’ sales stream because it removes the opportunity for so many to get on the ladder.”
The post Nine out of ten homes don’t reach the open sales market appeared first on The Negotiator.
Author: Gemma
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