Leading local estate agent Thornton Robson is warning that the local market could stall due to a lack of properties coming to the market.
Negotiator Brody Pond said the demand from house buyers has dramatically improved this year.
“But we are not seeing enough properties coming to the market to replace the ones that are being sold,” she said. “We are selling properties within hours of them coming to the market and because the demand is outstripping supply, prices are being driven up.”
This view is backed up by the national Association of Estate Agents housing market report.
In January the report showed a clear increase in the number of first time buyers and house hunters registering and an increase in the number of property sales by its members.
The report also showed a decrease in the amount of available properties.
According to property portal Rightmove, the activity from potential buyers this January increased by a fifth over the previous January and the shortage of houses for sale is driving prices higher.
“I don’t know if people are sitting tight because they are waiting to see how high prices will go or whether they are still nervous about the economy but we have several vendors whose property we have sold and they can’t find anything to move to.”
Brody urges anyone who wants to move to get their house on the market sooner rather than later.
Thornton Robson specialises in sales and lettings of residential and commercial property in Rugby and the surrounding areas.
If you would like more advice about selling or the market in general please call Thornton Robson on (01788) 547000 or call in to their Henry Street office.