More homes for sale in the Uk

May 2, 2011 - PRLog -- House buyers are in an increasingly strong position as supply is now outstripping demand.
And further encouragement for those looking for a mortgage is that the difference between asking prices and offers has narrowed to three per cent, compared with nearly nine per cent in January 2010.
Halifax’s figures shows that the average priced house four years ago would sell for £200,000, but now it would go for about £163,000.
That last figure, however, is up from £154,000 in 2009 – indicating something of a recovery.
According to property website Rightmove there is an increase in the number of properties on agents’ books.
Clearly this indicates there are more sellers than buyers. This will give buyers the opportunity to get a more favourable mortgage and has helped the recent increase in the remortgage market.
Lenders are still more cautious about providing mortgages than they were before the crisis so those wanting one still have to work hard.
The trend could also lead to a negative turn in the market because if sellers accept offers lower than they want the gap between asking prices and offers will again widen.
Peter Rollings, from estate agents Marsh and Parsons, said: "Mortgage lending is still a long way from where it needs to be.
“No one wants a return to the irresponsible lending practices seen before the credit crisis, but lenders must do more to help those looking to buy their first home.
“The average £25,000 deposit required is prohibitive for thousands of would-be buyers."
Nicholas Leeming, a director at property website Zoopla.co.uk, said: "It's up to the Government and lenders to take the bit between their teeth and deliver initiatives that will make a real difference to the health of the property and mortgage sectors."
Max Erskine of remortgagenow.co said: “The market is hovering between many outcomes, as these figures show.
“The correct balance of supply and demand is crucial, of course, but mortgages must be available to those demanding property.
“Those selling have to find a price they’re happy with and as long as that happens I see the mortgage and remortgage markets picking up.
“Average house prices have come down which ought to enable more people onto the property ladder.
“But deposits required from lenders are still large by comparison with those they were happy with prior to the crisis.
“But I also see more lenders entering the market and more products becoming available.
“And remember that there will be those who have been saving for a deposit since the crisis happened.
“These buyers are now entering the market and helping things move along.”
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