A shortage of homes for sale
Apparently there’s a shortage of homes for sale which is helping to push up prices.
This is classic spin from estate agency groups looking to talk up their book. Preying on potential sellers worries that they may not find a buyer quickly there’s nothing like a “there are 11 buyers for every home” headline to get new business in.
Except this isn’t really the case.
If you search Rightmove for £1m+ listings in London then the site will return over 12,000. If you search the UK it will display over 23,000.
When we look at the latest data published by Land Registry on sales so far recorded in January we see that in London it was just 322 and across the country 530.
I’m not sure how many homes these people want to be up for sale but with such a poor conversion rate I think they could concentrate on their current stock of unsold, unhappy clients rather than try to boast that there is a shortage or product. It’s sales talk and I’m not sure anyone really believes it.