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This is a spare 'blog in case my main 'blog at markwadsworth.blogspot.com isn't working
For several years, the Vested Interests have been gleefully talking about “pent up demand” (which is merely the flip side of articifially restricted supply, of course) keeping house prices permanently high, and somehow or other, pushing these high prices up a little bit more every year in perpetuity.
Ahem. According to the latest report/survey by Rightmove:
Seven in 10 properties put on the market so far this year have yet to find a buyer. This has helped push the average number of homes registered with estate agents up to 78 – the highest ever for the time of year.
So many sellers are struggling to sell their homes partly because mortgage approvals are running at about half the rate they were before the financial crisis, while some buyers are staying away, fearing that prices have further to drop.
Cheered me up, anyway.