(1888PressRelease)
May 05, 2007 - Research by property portal Primemove suggests there will be 15 per cent more properties on the market at the end of April than there were in April 2006 - 240,000 more in all.
It is thought that the impending introduction of home information packs (Hips) on June 1st - long predicted to have a destabilising effect on the market - is another factor on the swell in the number of properties for sale.
"With many estate agents positively urging vendors to start the marketing of their properties before the June 1st to avoid the anticipated cost of producing a sellers pack, the expected surge of supply may well help the Bank of England in it efforts to dampen down house price inflation," Henry Pryor, founder of Primemove, said.
"With a widely predicted interest rate rise in the offing, the Bank may get away with a quarter point rise this time as the increased supply will do something to dampen down house price inflation.
Property purchase expert Julian King, director of National Homebuyers - the UK's leading fast purchase property company - says: "The surge in available properties will dampen people's mood.
"Placing your property on the market in May with an expectation to by the end of the summer for its perceived inflated price is foolhardy.
"The continued rises in interest rates and the sheer volume of properties on the market ahead of the June 1st launch of Hips will just lead to people struggling to sell their property well below their original asking price at the end of the year."
