Number of homes for sale drops to seven year low
20/01/2014
The number of properties on the market in the UK has dropped to the lowest level since the recession ended, as prices continue to rise.
February 2007 was the last time fewer homes were for sale, with an average of 58 available per estate agency in January, compared to 64 in the same period a year ago, according to Rightmove.
House sales rose steadily throughout 2013 as people tried to buy in order to avoid paying more as prices rose, but were accelerated further towards the end of the year as the Government launched the Help to Buy scheme.
While the amount of available homes is falling, Rightmove also said that amount of people using its website is at a record high, with nearly 20pc more properties viewed in the first two weeks of 2014 than the same period a year ago.
This is likely to rekindle the debate about whether or not the rising prices and demand pose a risk to the market. The term ‘housing bubble’ has been mentioned repeatedly, which makes reference to a market where demand outstrips supply and leaves a limited number of homes available at prices few can afford to pay. This has led to Vince Cable, the business secretary, to admit that price rises in the South of England are “worrying”.
Need Advice
If you looking to buy a home and would like any help or advice related to mortgages, please contact our whole of market mortgage advisers
Share this..
Related stories
House prices "bounce back"
UK house prices "bounced back" in June after climbing by 1.1 per cent, Nationwide revealed today.The latest property price survey by the building society showed the annual rate of house price inflation reached 11.1 per cent this month, its highest level since January 2005.Nationwide said that the annual rate of growth was more than twice as fast as that recorded at the same time last year, with pr...
Read MoreHousing market recovery is ‘spreading’
11/09/2013 Housing developer Barratt’s has claimed the recovery of the housing market is “spreading beyond London and the South East,” supporting claims from the Royal Institution of Chartered Surveyors (Rics), who have also maintained a similar increase in the housing market outside of London and the South East is evident. Barratt Development posted pre-tax profits of £104.8 million...
Read MoreIs a home still a good investment longer term?
While what you may be considering will depend upon your own circumstances, more and more people are starting to question the long term advantages of owning your own home against the rental market. Is it still worthwhile putting your money into bricks and mortar?
This is a question which is now being asked all around the world as property markets come crashing down and millions are...
UK property growth 'slowing down'
British house price growth slowed for a third consecutive month in May, according to the Halifax house price index.The bank saw monthly growth of just 0.3 per cent in May, down from 0.9 per cent in April, 1.2 per cent in March and 1.9 per cent in February. The standardised average house price in the UK now stands at £196,893.Strengthening evidence of moderation in housing market activity combined...
Read MoreAdd insulation, not paint to your walls
Sellers would do better to make 'green' improvements to their homes instead of making cosmetic changes in order to add value to their property, a new study has shown.Yorkshire Bank's latest house buyer survey reported that 32 per cent of sellers plan to redecorate in order for a sale, yet 33 per cent of buyers said they would entirely repaint their new home anyway, upon moving in.Only 12 per cent...
Read More