UK Property Market

The Cost of Moving Drops Due to Shortage of Homes

Surveys show that the cost of moving has decreased by some £500 last year due to the shortage in properties for sale on the market.

It seems that this situation has had a strong influence on owners, who now bargain for better conditions with estate agents and solicitors. Consequently, asking prices are currently reduced only by five percent tops in comparison with ten percent a year ago. Homes are also sold faster, with about 20 percent of properties changing owner within a month from being put on the market. A dramatic drop was also registered in the number of properties which are harder to sell. While a year ago this covered 50 percent of homes, nowadays this affects only 20 percent of them.

Experts point out that at the moment this translates into sellers being favoured by the market, as the demand for properties is higher than what is actually available.

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