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House demand high in Midlands

By Burton Mail  |  Posted: June 16, 2014

03/01/14 Estate agents signs Estate agents boards, off Shobnall Road..

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ESTATE agents in Burton and South Derbyshire are complaining of a lack of houses coming to the market – despite national figures suggesting supply and demand are balancing out.

Figures released by Rightmove show an average rise in new seller asking prices of just 0.1 per cent this month, despite substantial increases over the first five months of 2014, suggesting house prices are at a virtual standstill.

The West Midlands saw a drop in average house price of 0.4 per cent from £198,406 in May 2014 to £197,649 in June, while the East Midlands saw a drop much higher than the national average of 1 per cent from £179,446 in May to £177,712 in June.

There are also early signs of supply and demand balancing out with new seller numbers up 9.6 per cent on this time in 2013.

Again the Midlands sees a higher than national average with new listings in the West Midlands seeing a 12.4 per cent increase and the East Midlands 11.3 per cent higher than last year.

Despite the figures, estate agents in the region say there is still a lack of supply.

Simon Redford, of John German in Burton said: “Last year there wasn’t nearly enough in the market to satisfy demand.

“Its definitely eased off a bit – buyers and supply are now almost even but we could still do with more houses to come to market.”

Liz Milsom owns Liz Milsom Properties based in Hartshorne.

She said: “We’re finding that prices are increasing at the moment because there is a lack of supply. There are still not enough properties coming on the market. Houses have viewings as soon as they are on Rightmove providing they tick the boxes and are competitively priced.”

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