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New listings ‘just keep coming’, says Move with Us

Estate agency network Move With Us says that agents’ new additions to property listings have reached a six-month high – and that buyers are not baulking at rising asking prices.

It says that in March, over 126,000 new instructions were listed on the market and average asking prices across the UK were at just under £228,500.

Ben Greco, director of part-exchange at Move With Us, said: “The start of 2012 brought with it the usual surge in new listings expected every January. This time, however, it showed little signs of slowing down as the quarter progressed, and by March, new listings reached a six-month high.

“The considerable increases in new listings seen in the first quarter of 2012 would normally have resulted in some downwards pressure on prices as the competition amongst sellers increased. This certainly looks to have been the case in January as average prices were reduced.

“However, sellers appear to have grown more optimistic in both February and March, as average asking prices recovered and reached a six-month high by the end of the quarter.

“If sellers’ optimism had not been not met by an increase in buyer numbers, or at least a shared outlook from those already active in the market place, the increase in asking prices would have resulted in higher discounting and lengthening time to sell.

“This did not happen, and whilst these measures on their own have remained steady without real improvement, the fact that they have not deteriorated in the face of increases in supply and prices must be taken as a positive.

“Looking ahead, we are starting to see signs that the second quarter may bring real and quantifiable improvements in the UK housing market.”

Move With Us used data from its own sales plus property listings supplied by property search engine Home.

Source: EAToday 27 April 2012