Scarcity of Stock Continues to Frustrate Buyers
Buyers watching the various property publications or their inbox expecting a wave of new homes for sale are enduring their most frustrating Spring selling season in many years. Despite renewed vendor optimism in the light of radically improved market conditions, so many are still adopting a “wait and see” attitude. There is no doubt that there is more for sale but compared to 2015-16, turnover and supply remains very low and auction success rates since mid-year have now settled at consistently high levels as a result.
The really bad news for buyers is that, in the next three weeks, vendors will turn the tap off for 2019 and focus their minds on the upcoming holiday season, putting their plans to sell on hold until at least February/March 2020. For the fortunate few who manage to secure a home prior to mid-December that’s ok, but for the rest, another six months-plus of waiting to move is the inevitable reality. The prospect of this may be too much to bear for many bidders and so upward pressure on prices – hard to measure over the short term – could well become quite noticeable over the Christmas break.