Gloucestershire property market's 'Covid Factor' is leaving families in housing limbo
A housing expert says there's a huge shortage of families properties
A property expert says families in Gloucestershire are in ‘housing limbo’ due to a shortage of family homes.
The market has boomed during lockdown which has spawned an increase in house hunters searching for property with separate office space, more living area, and a larger outdoor area.
Once on the property ladder few people fall off but COVID has made this an unprecedented time when many families are finding themselves having to rent whilst they wait for their preferred property type to come onto the market.
Gavin Wallace, director of Perry Bishop Estate Agents in Cheltenham, said:
"In terms of the particular family house sector there is a definite shortage.
"Families who maybe sell their existing property are finding it extremely difficult to find their onward purchase.
"This is one the biggest concerns people have in terms of then coming to the market".
Following a relatively subdued start to the year, the housing market is enjoying a resurgence, with prices hitting record highs.
The property market is one of the few sectors to have come through the pandemic in positive territory, with property values 6.5% higher than a year ago.
However families are now in a difficult position of potentially falling off he housing ladder due to a reduction in stock but an increase in demand.
Gavin continued:
"There's a nervousness around families wanting to move at the moment.
"If there's a desire and will to move but a shortage of properties in the market then people obviously don't want to go into rented accommodation if they can avoid it.
"It's because if they're having to go into two moves instead of one it makes life that much harder".
There's also a high demand for rental properties too which is leaving families with little choice who may need a bigger space if they have children.
It's expected this increase in demand will continue for the foreseeable future, with consumer confidence spurred on by the successful vaccine rollout, and buyer demand still fuelled by a desire for larger properties and more outdoor space.