We have been drifting for some time now on a market fuelled by a desperate shortage of property. Where the demand greatly outstrips supply.
On chatting to a viewer I was asked how many homes for sale in Dalgety Bay; “Three “ I said, if not proudly, but truthfully.
“You are not doing very well young man” The reply (I loved the young man reference. I thought that long gone!)
“All 3 are ours! I do not mean 3 for Regents, the leading and best agent here. I mean there are 3 homes for sale in the whole coastal town”.
Will there be an end to this?
Where the market has hitherto been driven by low interest rates, by a massive buy to let interest, by families desperate for their own home. Even fuelled by the bank of mum and dad. You could argue that new build and the number of home programmes will also provoke interest in property. Holiday homes and a desire to stay in our islands. The relatively recent massive move to Air bnb are again reasons for firing up the property interest.
However, this recent trend of demand/supply in a unique pandemic period, is unprecedented.
With this both a unique and historic time, I’m not sure anyone can predict how this will play out. How the desperate supply will eventually meet the current or future supply. We are not on dry land yet and may not be for some time.