THE number of homes for sale hit a record low last month as demand from potential
THE number of homes for sale hit a record low last month as demand from potential buyers continued to increase, research published by the Royal Institution of Chartered Surveyors (RICS) showed last week.
Buyer demand rose at its fastest pace since February last year, with 25 per cent of estate agents reporting an increase. However, the number of homes for sale remains on a downward trend, with 22 per cent more estate agents reporting a drop in new instructions than those who saw a rise.
Unsurprisingly, this fall has contributed to the average number of properties estate agents had on their books falling to a new record low.
RICS said the mismatch between supply and demand was continuing to push house prices higher, with the rate at which property values are rising accelerating for the sixth consecutive month.