Ten potential buyers for every home, research finds

There are nearly ten potential buyers for every property on the market, research has found, 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, property services group 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, said first time buyers are becoming an increasingly concentrated group, in terms of age. It expects that by 2023 the proportion of first time buyers aged between 25 and 44 will have risen to 87%, from 67% in 2003.