The Property Market
The Telegraph has reported today that the steep rise in asking prices during the early days of 2010 helped the average cost of a home on the market in England and Wales increase by 0.4 per cent during the five weeks to January 9 to £222,261.
Property website Rightmove said the housing market had got off to a ''buoyant start'' this year, as record numbers of people logged on to its website to view property, with volumes up 26 per cent compared with the same period of 2009.
It also estimates that the stock of homes for sale is currently at its lowest level this century, suggesting that the mismatch between supply and demand will continue to push up prices in the short term.
Rightmove said only 50,624 properties were put on to its site during the five weeks to January 9, well down on the average of 89,000 during the same period of 2006 and 2007. Overall, it estimates that the current level of homes for sale is at its lowest since it started to monitor the market in 2000.
Mr Shipside said: ''Low stock levels are normally associated with house price booms and prices would have fallen considerably further but for the unique combination of circumstances that has kept stock off the market.
''Buyers have little choice in popular areas, and while this continues, sellers have a window of opportunity to obtain a higher price and a speedier sale.”
Property website Rightmove said the housing market had got off to a ''buoyant start'' this year, as record numbers of people logged on to its website to view property, with volumes up 26 per cent compared with the same period of 2009.
It also estimates that the stock of homes for sale is currently at its lowest level this century, suggesting that the mismatch between supply and demand will continue to push up prices in the short term.
Rightmove said only 50,624 properties were put on to its site during the five weeks to January 9, well down on the average of 89,000 during the same period of 2006 and 2007. Overall, it estimates that the current level of homes for sale is at its lowest since it started to monitor the market in 2000.
Mr Shipside said: ''Low stock levels are normally associated with house price booms and prices would have fallen considerably further but for the unique combination of circumstances that has kept stock off the market.
''Buyers have little choice in popular areas, and while this continues, sellers have a window of opportunity to obtain a higher price and a speedier sale.”
Article Courtesy of Ross Quin @ Morgan Grey
