AGENTS COMPLAIN OF UNSOLD STOCK



 
This month has seen the biggest monthly jump in unsold stock of estate agents since May 2007.  Rightmove today published reports that state, on average, each branch of agents currently has 74 properties sitting on their books as unsold.

Albeit contrasting reports will state that there has been an increase in average asking prices of 1.7% this seems to be very misleading as property for sale is increasingly outstripping demand. 

Risks that we at Express property buying for see are the obvious rise in base rates, many homeowners have taken advantage of low rates and chosen to sit tight and enjoy low monthly payments, however when base rate rises this will ensue a flux of sellers flooding the market even further as panic sets in and homeowners realise they simply can’t afford any rises in monthly outgoings. 

 

This year also sees an increase in the number of Bank holidays, with Easter break and the royal wedding; agents typically see slow or limited movement during these times.
Buyers are also struggling to raise finance, due to lack of mortgage products and stricter control over financing, deposits required are far higher, all of these factors, coupled with the looming cut in public spending and loss of jobs associated with this leads to yet more unsettlement and panic in the market.

Lynne McArthur, Director of Express Property Buying comments that “serious sellers should take action now and utilise alternative solutions to selling their home with some serious selling tactics in order to sell and move on now before any further uncertainty in the second half of 2011.  We have had an increase in our number of incoming enquiries as sellers face up to the reality of today’s property market and steadily start to accept that they will have to drop their prices in order to sell and that companies such as ours can offer a quick sale as we have banks of buyers sitting and waiting to purchase, we have a no fee solution so the upfront outlay and risk is immediately taken away, allowing a no fuss and no fees approach to selling your home”.