Agents report record low of unsold homes

THE number of properties sitting on estate agents’ books has fallen to a record low amid a lack of impetus in the housing market, according to a report.

There were 43 unsold properties per branch on average in March – the lowest figure since the Royal Institution of Chartered Surveyors (RICS) started collecting the data. Its records go back to 1978, with the way the calculations are made changing in 1994.

RICS said a net balance of 13 per cent of surveyors meant a decrease rather than an increase in fresh properties coming onto the market.

It said the lack of homes available has impacted on sales, with an overall balance of three per cent more surveyors seeing a fall in agreed sales rather than an uplift last month. The lack of supply in the market continues to drive house prices upwards, with 22 per cent more surveyors seeing an increase over the past month rather than a fall across the UK.

Looking ahead, a balance of 24 per cent of surveyors across the country expect house sales numbers to increase rather than decrease in 12 months’ time.

In the lettings market, RICS said tenant demand continues to rise.

Figures released this week by the Office for National Statistics (ONS) show the average UK house price has increased by £12,000 over the last year to reach a record £218,000 in February.