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House market lacks supply as demand increases

Prospective homebuyers are on the increase but supply is not keeping up, according to national figures compiled by the Rural Institute of Chartered Surveyors. Head of Sales at Balfours, Tim Main says that the national picture, with an increase in the number of homebuyers for the second consecutive month, is reflected locally in Shropshire.

He says: “The frustration is there simply isn’t the number of fresh properties coming to the market. For those that are willing to go to market it is a positive picture, because across much of the UK prices are rising.”

A quarter of respondents to the RICS survey reported a price rise – and that is a reflection of supply and demand across the UK, but as is often the case central London is bucking the trend, with agents reporting a fall in price for the eighth month.

He says: “It has been an uncertain year, with the anticipation of the referendum, then Brexit itself – both of which could be compared to the fear of the dentist which hasn’t been as bad. Now we have to add in the Trump factor, which speculation is suggesting is likely to ignite a more positive aura to Brexit.

We also have the Autumn Statement next week (November 23), it will be interesting to see what measures, if any, the Chancellor will put in place to increase housing supply, some rumours have included some changes to Stamp Duty Land Tax” adds Mr Main. If you would like to discuss bringing your property to market call Tim Main on 01743 353511.

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