SALES NEWS: Homes coming to the market now likely to be in high demand
A raft of new surveys show that the number of homes on the market now remains far below normal levels.
The Royal Institution for Chartered Surveyors, one of the leading property bodies, says new instructions by sellers have fallen now for 10 months in a row.
Meanwhile separate figures from the property website Home suggests that this month, January 2016, there are no fewer than 47 per cent fewer properties on sale than in January 2008 – before the property downturn took hold.
This shortage of properties means, firstly, that prices are remaining strong even in the traditionally-quiet winter season and secondly, some homes are selling relatively quickly because buyers have less choice and are keen to act rapidly to avoid losing out.
Price indices should be treated with caution – they deal with national averages rather than local circumstances in one area – but the Halifax, Nationwide, Rightmove, Hometrack and Land Registry measures all show gentle monthly growth as demand outstrips supply.