Residential sales market update
Published September 24th, 2019
Residential sales continue to fall with new instructions last month declining slightly at Berrys.
The Halifax and RICS residential market reports both highlight the uncertainty and caution in the market. By areas house price growth is best described as flat, reflecting the political and economic uncertainty.
In addition, security of employment is not as stable as it was 12 months ago.
There has been a fall of some 12 per cent in a year on year comparison in housing stock coming to the market for most agents, a trend that Berrys is currently bucking.
Interest rates remain very low, and with some very competitive deals, lenders are keen to attract new borrowers,” said Adam Farnsworth at Berrys.
“However, the documentation and compliance procedures can prove a real obstacle. “The bank of Mum and Dad is increasing its share of the lending market.”
The issues of scarcity arising from the lack of new build and second-hand stock continues with an annual requirement sitting somewhere between 240,000 to 340,000 homes set against the build of 165,090 new homes in 2018.
“It has been another month of what has been a consistent trend of fall off of residential sales since May,” he added
For more details contact your local Berrys office or Adam Farnsworth at the Kettering office on 01536 532373 email email@example.com