» Estate agents may be forcing up property prices

Lack of supply in housing market

Article Published: 17th February 2009

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<p>A recent feeling of optimism in the housing market has been squashed by Rightmove, the property finding website. They say that the increase in asking prices is not due to an upsurge in confidence of a sale, but rather a “false optimism” on the part of estate agents along with a chronic shortage of new properties appearing on the market.

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<p>During the past month 45 per cent fewer properties than for the same period of time last year have appeared on the market. Last year the number of properties for sale was almost 140,000, this year the figure is just over 75,000. Rightmove have said that the asking prices across the UK were down by 9.1 per cent on average over the year. Asking prices rose by 0.3 per cent from £86,653 to £387,988. Properties are said to have been selling once the vendors have shaved around 25 per cent of the price at its peak valuation. The property market research group Hometrack say that the lowering of property prices ha helped some buyers who are upsizing as the gap between the cost of a three bed to a four bed home has narrowed by 10 per cent. Many buyers are still finding the lack of mortgage funds available to them has meant they are not able to take advantage of the lower prices.

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