Housing for sale 'is scarce'

Posted: 28 Jul 2009 08:30:28 GMT

There is currently a "scarcity" of housing for sale - despite growing demand - the Hometrack survey reveals.

In its latest monthly report, director of research Richard Donnell tells the Press Association that "a pick up in sales" is offsetting any constraints due to a lack of mortgage funding.

Pricing of housing for sale is being further buoyed by scarce availability and burgeoning demand from buyers.

However, estate agents are finding it difficult to move property in spite of this greater demand.

In Wales, where homes are currently listed for sale the longest on average, the process can take 11.8 weeks before a buyer is found for those listing with an estate agent.

The Midlands and the north of the country rank a close second at more than ten weeks to reach a sale.

Hometrack's market snapshot claims an average sale time of nine weeks via estate agents at present, with 12 viewings per property.

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