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Housing market moves in buyers' favour

25 April 2005
The latest survey of the national housing market from Hometrack has revealed that buyers are holding most of the cards.

According to the April Hometrack survey, whilst the number of buyers coming to the market is increasing, a backlog of properties and high number of newly registered homes for sale, combined with falling house prices, suggests that buyers remain in control.

The survey found that the average house price now stands at £162,100, down from June 2004's peak figure of £167,700, and showing the fourth decrease over the last few months.

Hometrack's National Demand Index also reveals the gulf between the number of properties on the market and the number of buyers, with properties reaching an index level of 175 and buyers at just under 100.

"Despite buyers returning to the market, there continues to be an excess supply of unsold properties," said John Wrigglesworth, housing economist for Hometrack.

With buyers in a strong position, it could be the best time to snap up a bargain.

Click here to compare the best mortgage deals.

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