Shortage of stock.

Data out this morning from Rightmove highlights the shortage of homes for sale across the country. Newmarket tops the list. The town has seen a surge of 79% in sales agreed over the last year and a 49% drop in new sellers.

Parts of Britain are so short of homes for sale they have only half the number of listings to be expected at this time of year. The all-seeing website estimates says that nationally the average number of available properties on an agent’s books is 16, down from 29 in July 2020.

Berkhamsted in Hertfordshire came in second place, with an increase of 58% in sales being agreed, and a drop of 57% in new sellers. Witney in Oxfordshire takes the third spot with sales up 51% and new sellers down 59%.

Ironically agents tell me that they are finding sellers reluctant to press the button and to go ahead fearing that they won’t be able to find somewhere to move to.

Meanwhile data from Nationwide suggests annual house price growth sped up, to 11%, with the average home costing £248,857.

It said property prices recorded their second largest month-on-month rise in 15 years, up by 2.1%.

Whilst we are still sourcing properties off-market the supply of these opportunities has withered over the summer. Traditionally the September market gets going again when the schools go back so the next two weeks are going to show if this is likely to improve between now and Christmas.