Prop­erty drought is on the way

Yorkshire Post - Property - - PROPERTY -

A PROP­ERTY drought could cause prices to rise, ac­cord­ing to the lat­est sur­vey by Home.co.uk.

They say the num­ber of homes for sale has hit a record low as ven­dors still hold back from en­ter­ing the mar­ket. The prob­lem is par­tic­u­larly acute in Lon­don and the South East, where stock is now 38% lower than in Jan­uary 2008.

An­nual ask­ing price rises across Eng­land and Wales are run­ning at 6.2%, though in York­shire the fig­ure is 0.6%.

Doug Shep­hard, di­rec­tor at Home.co.uk, says buy-to-let is partly to blame: “Land­lords ef­fec­tively re­move the stock from the re­sale mar­ket and, in turn, bloat the pri­vate rental mar­ket. Whilst the as­pi­ra­tion to own a home re­mains com­mon­place, it has clearly been damp­ened.”

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