'Record number of houses for sale'

By Jonathan Dawes, Mon 7 Jul 2008 - Published in Mortgages

There are currently record numbers of houses for sale in the UK because properties are not selling, the National Association of Estate Agents has stated.

Chris Brown, president of the NAEA, commented: "It's a log jam of houses that you would have expected would have sold that are still available and now because of the credit crunch there are the distressed sales that are coming through."

He added the fact sellers are standing firm and refusing to panic sell has also contributed to the record number of properties on the market.

Research by Rightmove has revealed there are approximately one million houses for sale in the UK at the moment.

With poor spring sales estate agents have an average of 75 homes on their books in every office.

The survey also found new sellers reduced the average national asking price by Ł2,936 last month.

Rightmove claims this is the first fall in house prices it has ever recorded in June.

News Categories

News Archive

News: 'Record number of houses for sale'