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29/06/2009
Swift legal help may be needed as undersupply reported |
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The number of people looking for a house is presently four times that of the total available, it has been stated.
Founder of property website Briffy.com David Amstell commented that the situation was reminiscent of 30 years ago, when house sale numbers were low due to the negative equity situation faced by many.
He remarked: "There's four buyers for every house, but the fact is that everybody's sitting on their houses because nobody wants to sell when the prices are low," noting that in the 1970s people tended to wait for prices to rise before putting homes back on the market.
In such circumstances, those keen to buy a home may need to find a property lawyer who can progress the sale quickly, in order to clinch the sale before another offer comes in.
Recent figures have suggested house prices may no longer be falling in the UK.
The Hometrack statistics for May showed that the average was £155,600, the same as in April.
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