Property Shortage Still Cause House Prices to Increase

A shortage of quality investment property is causing house prices to increase, and it is also putting off those wanting to move up the property ladder according to Rightmove.

The average asking prices rose by 0.6% during September. This is because of the declining availability of property on agent’s books at present.

The average property asking price is down 1.5% from last year to 223,996. Rightmove stated that estate agents had the lowest number of houses for sale for 18 a year and a half. There are a third more properties coming off the books than coming up for sale. This is because sellers are still waiting for prices to increase before selling, as there are so many conflicting reports that they are still waiting for more solid evidence that the market is indeed recovering.