Interesting to read a report released by Right Move advising that the average asking price of a home coming to the market set a record high for a second month in a row. As I have written in previous blogs, this appears to be driven by a lack of supply coming on to the market. Right Move have advised that according to their stats the shortage is most acute for smaller homes with two bedrooms or fewer where Right Move sees the biggest demand in excess of supply.
I think this trend applies to most areas of the country, with smaller family homes in the right school catchment area proving very popular as buyers hit their affordability ceiling. I am, however, noticing constraints on mortgage lending, although this is not reflected in official stats yet, and it will be interesting to see what impact this has on demand.
Partner – Head of Property