Not enough property to satisfy demand
UK residents who find they require more space in their home may find they face stiff competition if looking to buy a house.
Recent statistics have shown there are four potential buyers for every property on the market, suggesting Brits may have to battle it out for the residence they want.
The National Association of Estate Agent figures revealed there is a lack of available abodes in comparison to those looking.
Last month, the average member of the organisation had 299 people registered as potential buyers, compared to 265 in April and 247 a year ago.
However, the typical estate agent has an average of 69 properties on its books, with the latest house price index from Nationwide showing the average value to be £154,016.
People are usually faced with two choices when space becomes an issue – whether to move or improve.
Figures from the Halifax showed a loft conversion to be among the top three options when it comes to increasing how much room a home has.