Rightmove Sample Indicates a Rise in Unsold Houses – 17th May 2010

Rightmove House Price Index for May has measured a substantial jump in unsold stock per estate agency branch increasing from 68 to 71 between March and April a three month trend of increasing stock.  
Given the election and promise in the Con Lib pack to abolish HIPs the future of housing stock and prices for housing transactions continues to remain uncertain.
Whilst there was a high number of new sellers coming on to the market in the weeks prior to the election the "lack of buyers able to obtain a mortgage and proceed in these uncertain times is now starting to tell."  The consequence of this is that the asking prices by sellers has stopped increasing at the same rate and asking prices rose at a seasonally low level of 0.7%.
As more properties come on to the market than those selling ultimately a reduction in house prices is likely to occur.
The average time that properties remained on the market fell marginally to just below 80 days.
Today's Conveyancer