–Hometrack Says Supply Of Houses For Sale To Picking Up
–Market Returning To Something Like ‘Normal Conditions’

LONDON (MNI) – UK house asking prices continued to climb through
March, rising 0.3% on the month and 1.3% on the year, according to the
latest Hometrack survey of the market.

Hometrack noted that the house market is starting to change as the
supply of new homes coming onto the market exceeded the number of buyers
registering with agents:

Richard Donnell, Hometrack’s Director of Research explains,

“The recovery in market conditions over the last 12 months has been
built on a scarcity of housing for sale. During the whole of 2009 the
stock of housing for sale increased by just 7% – this in contrast to the
first 2 months of 2010 when the supply of homes for sale increased by
10.2%. Indeed over March the growth in the number of homes coming to the
market exceeded new buyers registering with agents.”

But, Donnell cautions, “The increase in supply is not some
precursor to the re-emergence of a buyers’ market. Instead it represents
a rebuilding of the depleted stock of housing for sale which many agents
faced at the start of the year.”

“Overall it seems that we are moving from a sellers’ market back
towards something more akin to normal conditions with supply and demand
broadly in balance.”

–London newsroom: 4420 7634 1624; email dthomas@marketnews.com