Report say’s property drought worsens!
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Supply Short & Demand Good!
Property search engine Home comment that the problem of dwindling stock for sale is getting “much worse”!
Home state that the problem of dwindling stock for sale is getting “much worse” with the supply of homes in July down 6% on July last year. It said that with the exception of the north-east, home buyers now only have half the choice that buyers in 2007 had by comparision. Offers over the asking price, particularly in London and the south-east, are common, it claimed.
Its view is that artificially low mortgage rates have stimulated buyer activity, depleting stock which is not being replenished. They also claim that buy-to-let has “radically changed” the sales market and that the private rented sector “must be tamed”.
Marketing times continue to fall in most parts of the country, and the average time on market at 177 days for England and Wales is the lowest since November 2008. In the south-east, time on the market averages 59 days. They see property supply remaining behind buyer demand in most regions, as evidenced by falling time on market figures. Only in the north-east region, where in their opinion the market recovery is still in its infancy, do they see a significant rise in supply (up 6% compared to a year ago) and this has served to make prices dip.
Tony Wing DipSurv MRICS FNAEA
Sales Director
Lincoln Office
Email: tonywing@robert-bell.org
Tel: 01522 538888
Twitter: @robertbellandco
