Liquid Properties comments on the housing market losing momentum 14th month in a row
The housing market lost momentum in April, with buyers and sellers nowhere to be seen. Housing professionals were all hoping for a rise in activity for spring, which failed to materialize. This was due to the lack of homes being placed on the market, which continued to fall for the 14th consecutive month in a row.
The level of new enquiries from buyers also fell due to the fact there is less and less housing stock on the market to encourage interest, which has caused reduced confidence in the market.
The direct impact of the lack of activity quite simply led to a fall in property sales, and the housing market is reported as continuing to retract for at least the next quarter and possibly into 2018.
The data comes after the Nationwide Building Society reported house prices falling for the second month in a row to April 2017.
Mr Antonio de Marco of Liquid-Properties.com who guarantee to buy your home within 90 days or they’ll pay your mortgage until they complete said:
“There is a clear indication in the housing market that a slowdown is being fuelled by numerous key factors. The key issue is the lack of supply, which limits buyer’s choice, which in turn delays the number of sellers who are looking to trade up and those at the bottom who are looking to buy their first home.
Another key factor is the uncertainty in the property market, whereby the June snap election has seen people holding off buying or selling until they know the result of the general election. This is combined with the recent changes in stamp duty and mansion tax.”
The worsening housing situation is showing no signs of getting any better in the near future, however, estate agents remain optimistic, with many suggesting they expect activity in the market to pick up in the coming months.
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