House prices could fall
Homeowners considering whether to invest in a property extension may be interested to learn that house prices are likely to fall in the coming months.
According to figures from FindaProperty.com, there are now more homes on the market than at any point since January 2008.
Statistics show that stock levels rose by nine per cent during May, bringing them to 31 per cent higher than they were at their trough in August 2009.
Asking prices are now at an average of £220,308, having risen by 1.8 per cent in the past 12 months.
However, this trend may lead to a fall in prices, with the supply suddenly beginning to outstrip demand, Savills director Lucian Cook explained.
"If you do have a disconnection between the amount of stock on agents' books and the number of buyers around in the market, then the natural consequence of that is that prices soften," he said.
The expert noted that some investors and second home owners could put their properties up for sale before the June 22nd Budget announcement, when it is expected that capital gains tax will be raised.
Posted by David Waxman
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