Unsold stock at a four year high

Rightmove have released their House Price Index for April 2011 showing that agents are holding unsold stock at around 74 properties per branch, up from 70.  It just goes to show that the increased number of sellers coming to market is not being matched by an increase in purchasers’ ability to buy.
Property supply is currently outweighing demand and an increase in new sellers’ asking prices of around 1.7 per cent looks a little out of reach, although London continues to remain the exception as buyer demand has pushed asking prices to a record of £431,013.
It is reported that estate agents see a fall in activity on bank holidays and in the next six weeks we have five bank holidays, including the royal wedding.  Will our bumper month of bank holidays put further strain on the housing market?
Miles Shipside, Director of Rightmove, comments:
“With buyers still struggling to raise the necessary finance, the net result has been the biggest jump in unsold stock on agents’ books that we have recorded in nearly four years. While stock levels normally increase during the first half of the year, this is a larger increase than normal. With government cuts starting to bite and interest rate rises still expected in the second half of the year, those who are serious about selling should look to price more keenly in the spring selling season”.
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