Market adapts to reduced demand and increasing supply according to Home.co.uk
Latest Home.co.uk Asking Price Index report for November 2018 headlines ‘Rising Supply Pushes Market To The Brink’.
The report reveals that soaring supply is smothering price growth and price cutting is widespread, as the market adapts to reduced demand and increasing supply, the property downturn that began in London continues to creep across the rest of the country, heading north and west.
According to Home.co.uk home prices in England and Wales fell by 0.3% this month, dragged down by hamstrung regions in the South and East of England where supply has overwhelmed demand.
Doug Shephard, Director at Home.co.uk, said:
So the sun sets once again on the UK property market. Supply is soaring, especially where pricing is weakest. Time on Market is rising. The national year-on-year price growth figure looks set to go into the red and we’ve only had one tiny rise in interest rates. more……
Read the Home.co.uk Asking Price Index report – November 2018 in full click here.