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Number of properties for sale hits 18 months high

The number of properties available in the UK has hit an 18 month high with just short of 130,000 properties for sale in the UK. This brings the weekly average for the last two months to over 25,000 a week which is the longest run of properties coming onto the market since August 2008. The 25,000 a week figure was confirmed by Rightmove Plc which is the U.K.'s largest property website and a leader in its field.

It is interesting to see that more and more properties are entering the market place when many believed that sellers would hold off as the election approaches with the identity of the next government unclear. Indeed, polls over the last few days suggest that it is very tight between the Conservative party, Labour Party and Liberal Democrat party and it would take a brave person to predict exactly who will win the majority of seats and who will make up the next government.

There must be concern amongst sellers that UK property prices will be impacted if the economy tails off in the latter part of 2010 with spending cuts and tax rises almost certain to occur sooner rather than later.

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