One million homes for sale in England and Wales

| June 23, 2008
One million homes for sale in England and Wales

Rightmove has calculated that there are now over one million homes for sale in England and Wales.

According to the property website, the record number of homeowners eager to move include those anxious to make a sale before prices drop further and others who are keen to capitalise on the downturn by selling up and bartering with a developer for a substantial discount on a newly-built property.

Meanwhile, the average asking price on Rightmove’s website fell by £3,000 (1.2%) between 11th May and 14th June.

The average asking price for a property in England and Wales is now £239,564, putting annual house price growth at 0.1%.

During the five week period around 172,000 homes entered the market giving estate agents an average of 75 houses for sale in each branch.

With buyers in short supply, there are now approximately 15 properties for sale for every prospective purchaser.

Rightmove’s commercial director, Miles Shipside, observes that new sellers are now pricing their homes more realistically.

However, affordability issues continue to dog purchasers and with no sign of the market bottoming out, vendors will need to adapt further.

The website estimates that it advertises nine out of 10 of all homes for sale in England and Wales.

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