Sellers Outnumber Buyers Now, Shows Latest Report

PopertyWire latest report from Rightmove tells us that more people in the UK are putting their properties on the market but in most-cases, with London being the exception, there are not enough buyers.

This is a clear indication that the number of properties available to buy is not being matched by the number of buyers able to proceed. With buyers still struggling to raise the necessary finance, the net result has been the biggest jump in unsold stock on agent books that we have recorded in nearly four years said Miles Shipside, director of Rightmove.

He further advised the sellers in spring window to adopt serious selling tactics. Those who are serious about selling should look to price more keenly in spring selling season he says.

He has told fresh sellers to be asking less and realisable value rather than asking more. Pricing below is going to give sellers and estate agents of a quick sale and they are going to stand out as offering better value to deposit strapped buyers. The negative consequences for the market are a longer period of adjustment in buyer affordability and lower sales transaction volumes, he added.

The Bank of England on the other hand, has shown no increase in number of approved mortgages. As the interest rates is also set to low, there is more number of properties on sale and the number has increasingly outrun that of the buyers, statistics show.

Nick Hopkinson, director of PPR estates has predicted that the current market state is reaching its tipping point and that the sellers will have to lower down the prices hard and fast if they were to achieve quick sales.

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