The average asking price of a home coming to the market has hit a record high for the second month in a row according to Rightmove.
Its price index out today shows a small 0.1 per cent asking price rise, equivalent to £191, over last month’s figure. The average new seller asking price is now £294,542.
Rightmove says the drought in properties on sale continues, thanks to the seasonal summer slowdown and mortgage and affordability constraints.
The shortage is most acute for smaller homes with two bedrooms or fewer, where Rightmove sees the biggest demand in excess of supply.
Properties with two or fewer bedrooms also have the highest number of enquiries per property. This large mismatch is in the typical first-time buyer sector of units with two bedrooms or fewer, with 24 per cent more enquiries per property of this type than for larger properties with three or more bedrooms.
Smaller units benefit from demand from not only first-time buyers, but also downsizers and buy-to-let investors.
Rightmove claims that visits to its website and enquiries to estate agents are up by 22 in June compared to the same period a year ago, despite the fact that the number of properties coming to market is running at a weekly run-rate 10.6 per cent below the same period in 2014.
Rightmove says there are “signs of buyers hitting their affordability ceilings” thanks in part to a continuing shortfall in the number of new homes being built.
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"Rightmove says the drought in properties on sale continues, thanks to the seasonal summer slowdown and mortgage and affordability constraints."
Yes, I'd say it's partly down to these factors - in particular the expected summer slowdown - and sellers feeling in a relatively confident position at the moment, where they are holding out for their asking price for as long as possible.
This, of course, is a direct consequence of the lack of supply in the housing market. If sellers know buyers lack genuine alternatives they're more likely to hold out and be more hardball in negotiations, as is their right.
The Rightmove inventory flatters the market as some of it is not really available. Buyers, serious ones anyway, are waking up to the fact that the only way to stand a chance is register with local agents and get that vital first phone call
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