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Lack of supply holding back UK property market, says Rightmove

RAY CLANCY Property Community
Lack of supply holding back UK property market, says Rightmove - UK - property market - property buyers

There was a surge in interest from property buyers in the UK in the first few weeks of 2012 but they are being hampered by a lack of new real estate coming onto the market, research suggests.

Search activity during the first 10 days of 2012 reached new record heights, up by 27% on the same period in 2011, as prospective movers intensively research the market, according to the first Rightmove report of the year.

However, they are faced with the lowest level of new supply per estate agency branch that Rightmove has ever recorded, an average of less than one new listing per branch per week.

The data shows that there were more than 44 million property searches on Rightmove during the first ten days of 2012. While this doesn’t necessarily indicate a surge in proceedable buyer numbers, it does highlight a strong pent up demand to move and is also a reflection that value seeking buyers who can proceed are taking extra care to research the market, the company points out.


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