Virtually everyone seems to have noticed the increase of “for sale” signs lining the streets but now FindaProperty has confirmed this in a report.
FindaProperty the large property portal has found that the stock of properties for sale in the UK grew 6% between June and July this takes UK for sale stock to its highest level since the start of the index in January 2008. The increase represents a 43% increase in estate agents stock since January 2010.
For conveyancers this raises a short term hope of increases in volumes if there is pent up demand and sellers are reasonable in their price expectations but also the medium term concern of falling house prices as supply exceeds demand. Falling prices have historically been associated with low volume markets as purchasers don’t rush to buy an asset with a falling price.
The ongoing concern about availability of mortgage credit as Government loans are repaid is also a concern.
FindaProperty also indicated that National Property Prices remain stable with annual house price inflation at 1.1%