Rightmove’s February House Price Index reported that a structural housing shortage has resulted in not enough sellers and rising prices.
Decades of inadequate provision of homes to satisfy demand are having an increasing effect, with a tight-stock market resulting in a shortage of quality property to trade up to:
- Average price of property coming to market up by over £5,000 this month (+£5,729/+2.1%), with all regions reporting uplifts
- Increase in demand for property continues with busiest ever January site traffic on Rightmove
- 31% increase in housing transactions in last two years in England and Wales, outstripping 11% rise in number of properties coming to market in same period
- Some agents reporting lowest ever stock of quality property for sale, as lower owner-occupation, buy-to-let investors not selling, and owners’ reluctance to ‘sell before you find’ contribute to a 4% fall in new seller numbers compared to same period in 2014
- Different tactics required for a successful move in a tight-stock market
You can read the full Rightmove report HERE.
[Source: Rightmove Property Portal]
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