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Prices rise as supply hits new low
New figures from Hometrack reveal that the average house in England and Wales went up in value by roughly 4.8 per cent of value during 2013.
The gap between demand and supply is said to be the driving force behind the price increase which has seen the gap at its greatest for the past four years. Their statistics show that the supply of properties for sale decreased by 6.6% in January. The total decline over the past five months in a row shows a total figure of a 17% slide.
The number of new buyers registering with estate agents went down 4.4% and the imbalance between buyers and sellers is at its widest level since 2009 with the onus now put on new sellers coming in to the market.
Richard Donnell, director of research at Hometrack, said: ‘We expect supply to register a seasonal increase in the coming months but the general trend over 2013 was supply failing to keep pace with demand and putting extra pressure on prices.
‘If sellers remain slow or reluctant to enter the market, in expectation of further price gains, then the upward pressure on prices will build rapidly once again.”
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