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Buyers' Market On The Wane
21st October 2009
ONE of the key factors stopping a quicker recovery of the property market is a shortage of homes for sale, according to Kenilworth estate agency Boothroyd & Co.
“Our firm has had a good spring and summer but until people regain confidence there is going to be a shortage of properties,” said John Boothroyd, Kenilworth’s only Chartered Surveyor estate agent.
“We’re moving away from the buyers’ market when we had more homes on sale than potential purchasers and even the rental market is showing signs that a shortage of available properties may start to push up prices with increasing competition for what there is.
“Asking prices have already gone up in London, East Anglia and the south-west, according to Rightmove, and the rest of the country usually follows suit.
“As confidence increases, buyers return and prices go up, there may then be a rush to get properties on sale, which will stabilise prices once more, so my advice to people thinking of selling is to act sooner rather than later.
“Kenilworth currently has the lowest number of properties on sale for 18 months, with only eight new instructions for every ten sold, so now is the right time to get your home on the market.”