3-Year High for Stock of Property For Sale
22nd June 2007
The average number of properties for sale per estate agent shot up ten per cent in June.
Nationally, asking prices were up 0.8 per cent from May to June. However, the London property boom fell behind national levels this month, over half of London boroughs seeing house prices fall, with prices up 0.7 per cent overall in the capital.
The average house asking price in England and Wales is £239,317, up just under £2,000 from £237,361 in May.
Asking prices are up 13.2 per cent since the same time last year.
"The rush to beat the impending HIPs (home Information Packs) deadline appears to have attracted some poorly motivated property sellers to the market. They are chancing their arm at some fairly bullish prices considering there is now a lot of property up for sale," commented Miles Shipside, commercial director of Rightmove.
"Their main motivation will have been to save some money avoiding a HIP, rather than being realistic on price because they had seen a property for sale they desperately wanted to buy."
Mr Shipside added: "More property available for sale is good news for buyers, as sellers that need to sell their property urgently will have to drop their house price. Ironically those that sought to save a few hundred pounds by avoiding Hips have contributed to a glut of property on the market for sale which will actually cost them money as they will have to discount their prices to sell.
"However, the lack of forced sales means prices overall are unlikely to fall back much from these record levels. Most sellers can afford to wait; doing little to help buyers stretched affordability."
David Pank, Sales & Marketing Director at Manning Stainton, estate agents in Leeds, Wakefield and Wetherby echoed the large rise in property for sale coming onto the market including both houses and flats for sale. The number of available properties for sale across Leeds, Wakefield and Wetherby has increased by 50% at Manning Stainton between January and the 1st June.
