Surge in properties on the market

Thursday, 1 March 2007 12:00 AM

Independent estate agents are reporting a surge in properties coming on to the market after the end of year slowdown.

New figures from Team Association - a network of owner operated estate agents - shows property supply in January was up 215 per cent, the highest increase for four months.

The survey also finds the average property price dropped from December to January, falling from £220,596 to £218,122.

"Team estate agents around the country have felt this shortfall in supply, however, with Hips kicking into action over the next few months and the slow festive period now over we have already seen a dramatic increase in property supply and are confident this will continue into spring," commented Alan Kirkman of Team.

He added: "However, it should be noted that many of our members are consistently selling more properties than they are taking on. With the property supply and demand balance still at present lopsided, sellers could well benefit from entering the market at this time."

The locations leading the rise in supply in January were the West Midlands (up 304 per cent), the south-east (up 260 per cent), with Essex registering the smallest increase at 184 per cent.

The Team research finds the biggest fall in house prices from December to January was in East Anglia, where prices were down 2.2 per cent, followed by Essex (down 1.7 per cent) and the West Midlands (down 1.6 per cent).

In the south-east property values fell 0.6 per cent - the smallest drop of all regions. London also experienced smaller falls compared with the rest of the country, falling one per cent.

However, the prices of London apartments were down by much more, dropping 4.9 per cent over the same period, with apartments in Essex falling even more, taking an eight per cent dive.

By contrast semi detached properties were up 4.5 per cent in London, whereas their prices fell across the rest of the country between 0.4 and two per cent.

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