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Stock of Property for Sale Hits New Low

Jan 17, 2016
According to property website, the UK portfolio of property for sale has shrunk to a new record low. Buyers, on average, now have only half the choice they had back in 2007 and, in areas of high demand, the situation is much worse.
Moreover, the trend towards lower supply is driving prices ever higher. On average, home prices across England and Wales are now 7.3% higher than they were a year ago, but almost all this growth comes from London and the surrounding regions.

Lack of supply and fierce demand is most keenly felt in Greater London, East of England and the South East. Consequently, prices in these regions continue to rise at an alarming rate, well ahead of the national average.

Over the last 12 months, asking prices in London, the East and South East of England have risen by 12.5%, 9.8% and 9.4% respectively. Meanwhile, the number of properties coming on to the market in the same regions is down by 15%, 13% and 10% respectively.

As if in a world apart, home prices in the northern regions and Wales continue to stagnate. Annualised price changes for the North East, North West and Yorkshire of just 0.0%, 1.2% and 1.9% respectively indicate that demand levels remain depressed relative to the South.

Welsh property has fared a little better with home prices rising by 2.7% over the last year, but still a long way behind the mix-adjusted average price rise for England and Wales of 7.3%.

Overall, the current mix-adjusted average asking price for England and Wales is now 25.8% higher than it was in November 2010. Further upward pressure on this headline figure will come from London, the East and South East of England over the next year.

Photo: On average, buyers have only half the choice of properties they had in 2007.

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