Housing stock shortage starting to ease | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 06/07/2022
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Homeowners are taking advantage of record asking prices by selling this summer.

The number of prospective sellers requesting a property valuation is at its highest since the start of the year, according to real estate company Rightmove.

Requesting a property valuation is one of the first steps to take when selling your property, and further data found that the number of new properties for sale is up by 14% over the past two weeks compared to the same two weeks last year.

“In recent months, we have reported a slight easing of the market and the pace of price growth compared to the exceptional levels of last year, and now we are seeing signs of some of the pressure on stock easing too,” said Tim Bannister, Director of Property Science at Rightmove.

While there are signs that stock shortage is easing, the market remains active, with the time to find a buyer at a near-record low of 32 days. As a result, homemovers should consider putting their own property on the market first before searching for their new home, said Bannister.

“Our insights from prospective sellers show some delay putting their home on the market, because they think it’s more important to find a new property that they like first, or they are worried about finding a buyer for their current home before they’ve found their next one,” he stated.

“Agents point out this puts them in a less strong position to move quickly in a busy market, where they are competing against other homemovers who may have already found a buyer for their home or don’t have a property to sell.”

Those who wish to find out how much their new mortgage will cost them when moving house can use our charts, listing each mortgage product by the lowest rate.

In addition to this, they can find out more about these offers every Wednesday by reading our mortgage roundup, which summarises the deals with the lowest rates on the market.

What are the average property prices?

Since the onset of the pandemic, average house prices have increased by nearly 17%, according to Halifax. It means that the average house in the UK today is worth almost £280,000.

The Office for National Statistics (ONS) shared a similar valuation, putting the average house price in England at just below £300,000.

Its findings also revealed that over the past year house prices increased by £31,000, which is more than what many earn annually.

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