Newspaper article The Journal (Newcastle, England)

New Homes for Sale at Record Low but Market Still 'Robust'

Newspaper article The Journal (Newcastle, England)

New Homes for Sale at Record Low but Market Still 'Robust'

Article excerpt

Byline: Vicky Robson

THE number of new homes coming on to the market has fallen to its lowest level since records started in 1978, according to a new report.

The Royal Institution of Chartered Surveyors (RICS) has found that the average stock of properties per surveyor has fallen to just under 52 in May, marking the lowest figure the organisation has recorded since it started collecting the data 37 years ago.

Ryan Eve, managing director of Finest Properties, said: "We have experienced fewer properties coming on to the market during the past few years, largely down to the fact that although property owners have the desire to move, they consider the market to have been so stagnant that they feel it is less likely that they will achieve a fair price for their property.

"As the market appears to be recovering, we are seeing many more people marketing their properties and we are doing deals and often achieving better than anticipated prices.

"A later spring and the uncertainty of the General Election resulted in many prospective vendors holding off marketing until summer rather than the typical spring.

"As a company which markets rural properties in the middle to upper end, we don't carry out masses of appraisals but we are instructed on a huge percentage of what we do see, and we are currently extremely busy with new instructions for the summer months.

"The shortage of properties for sale during the past six months has resulted in many properties, which have languished on the market for some time, being sold resulting in us having a particularly busy winter."

New property listings have been declining for four months in a row and have failed to show any meaningful growth since the end of 2013, according to RICS.

On a regional basis, London and the North West of England have seen the sharpest contractions in the supply of homes for sale, while Scotland was the only area of the UK to have seen an increase in the supply of properties. …

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