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Sellers Plunge Into Falling Market

More householders in Coventry and Warwickshire householders are trying to sell their homes - despite a further drop in the prospect for prices they might receive.

The latest quarterly survey of house prices by the Royal Institution of Chartered Surveyors has revealed that more surveyors in the region are reporting lower prices than higher.

Harvey Williams, regional and national housing spokesman for the RICS, said:

"Although there has been a reduction in the number of people wanting to buy, we have a somewhat anomalous situation where a growing number are entering the market as sellers – 5 per cent up on the previous month - despite prices being on a downward trend,"

The report says transactions fell as new buyers failed to enter the market - but the rate of decline – 7 per cent - was lower than that in July.

At the same time more property is becoming available.

The report adds:

"The outlook for prices remains poor but is slightly improved on that in July. The number of sales are also forecast to drop over the next three months.”

Mr Williams said:

"Seasonally, sales drop off, so it is puzzling that there is a growing tendency to come to market at a time when, traditionally, many feel it is not the best time to be doing so.

"Whilst this is inexplicably flying in the face of the norm, it does appear to be widespread.

“It could be that they are pinning their hopes on the most recent indications that the region's labour market and general economy remain buoyant and look set to remain so.

"Alternatively, the feeling that they want to sell before prices drop any further could be encouraging others to venture into the market in such large numbers at a comparatively late time in the house selling season."
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CWN / Business / A-Z / Royal Institute of Chartered Surveyors / 26 Sep 00

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This page modified on 10 November 2008 09:49:15AM