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Number of homes for sale drops to seven year low


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”.

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