16th January 2011, Birmingham Post
Asking prices in the housing market edged ahead during January - with the West Midlands enjoying the biggest rises - as the number of homes being put up for sale fell to a two-year low, according to new research.
The 0.3 per cent rise in asking prices for properties in England and Wales during the five weeks to January 8 came after prices had fallen during five of the previous six months, dropping by 6.2 per cent during December and November alone.
But a shortage of homes being put up for sale, combined with a surge in demand from potential buyers, should help to underpin prices in popular areas in the run-up to the spring moving season.
An average of 9,159 properties a week were put up for sale during the five-week period, the lowest level since January 2009, and nearly half the 17,000 homes that were typically put on the market during January before the credit crunch struck.
There is a particular shortage of semi-detached homes, down 30 per cent on last year, while there are around 10 per cent fewer flats and terraced houses.
The heavy snow in December would have played some part in the low level of listings, and it would be important to see if the figures bounce back during the coming few weeks.
The figures suggest the current mismatch between supply and demand may be shifting back in favour of sellers, after a shortage of buyers had forced prices down.
Overall, asking prices are 0.4 per cent higher than they were a year ago at an average of £223,121.
Asking prices in the housing market edged ahead during January - with the West Midlands enjoying the biggest rises - as the number of homes being put up for sale fell to a two-year low, according to new research.
The 0.3 per cent rise in asking prices for properties in England and Wales during the five weeks to January 8 came after prices had fallen during five of the previous six months, dropping by 6.2 per cent during December and November alone.
But a shortage of homes being put up for sale, combined with a surge in demand from potential buyers, should help to underpin prices in popular areas in the run-up to the spring moving season.
An average of 9,159 properties a week were put up for sale during the five-week period, the lowest level since January 2009, and nearly half the 17,000 homes that were typically put on the market during January before the credit crunch struck.
The heavy snow in December would have played some part in the low level of listings, and it would be important to see if the figures bounce back during the coming few weeks.
The figures suggest the current mismatch between supply and demand may be shifting back in favour of sellers, after a shortage of buyers had forced prices down.
Overall, asking prices are 0.4 per cent higher than they were a year ago at an average of £223,121.
