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Houses 'not selling' on the property market
07 July 2008
A record number of houses are on the property market because homes are not selling, claims the National Association of Estate Agents (NAEA).
Due to poor spring sales, there are now an unprecedented one million unsold homes on the property market, according to the Rightmove House Price Index, making it a good time for people to buy houses.
Chris Brown, president of the NAEA, said: "Houses are not selling, there is no churning of properties... it's a log jam of houses that you would have expected would have sold that are still available."
With homes staying on the property market for longer, sellers can no longer hold out for high offers giving buyers increased power, according to NAEA.
"I certainly think they [buyers] have got a lot of pulling power and a lot of influence on the market," said Mr Brown.
Research by Nationwide revealed that house prices fell by 0.9 per cent in June, less than half the rate of the previous month.
