Sellers gamble that property prices have peaked – The Telegraph

Record high asking prices have finally brought a wave of sellers to the property market in the first sign the supply crunch could ease this autumn.

A massive imbalance between supply and demand has been driving the market, with the number of buyers registered for every available property double the pre-pandemic level. 

But this supply crunch has eased because sellers have gambled that prices have peaked and put their homes up for sale. The number of properties available to buy has finally begun to rise, according to property website Rightmove. In the first two weeks of September, the number of new listings was 14pc higher than in the last two weeks of August.

A wider choice of properties for sale will encourage more sellers to list their homes, as many have been holding back, hesitant to sell before they can find somewhere to move to.

The average asking price of home hit a new high of £338,462 in September. Month-on-month asking price growth was only 0.3pc, which followed a 0.3pc decline in August. Overall, house prices cost just £15 more than the previous record set in July.

Leave a Reply

Your email address will not be published. Required fields are marked *