Not Enough Buyers, But Tenant Demand Soars

An industry expert has suggested the property market is struggling due to a lack of buyers, suppressing both property prices and sales levels.

Director of Mouseprice, Selwyn Lim, stated that few people are in a position to buy and the poor availability of mortgages is also affecting the sector.

"Transaction volumes - while they did pick up a little bit from the depths of the recession - are still on very small levels and are less than half of what they were at their peak," he commented.

Mr Lim explained that the predicted double-dip recession, which would have forced prices to drop, has not materialised. Therefore, there has not been a second drop in the value of properties and, combined with low interest rates, the number of distressed sellers is small.

Meanwhile, Rory James MacLaren-Jackson of Property Agency Training noted that: "The knock-on effect on demand for rental accommodation has been welcomed by letting agents, who are benefiting in providing services to the landlords whose properties are meeting this strong demand."

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