Property asking prices stalled in the month of April according to the latest report from property Web site Rightmove.  Experts have commented that the need of those homeowners that want to sell is that they price their property according to the current market and put a price on the property that is competitive.  Currently the supply of properties on the market is outnumbering the number of buyers in the market. 

The trend in the property market is that of most properties on the market by sellers looking to downsize.  This is putting a good number of the properties available geared toward cash-rich buyers.  According to Rightmove 40% of the sellers reported that they are looking to trade down while only 25% of the buyers reported that they are looking to trade up to a more expensive property.  Nine of ten regions in England and Wales showed that the majority of sellers were looking to trade down to a smaller and less expensive property.

The average asking price across England and Wales stands at £243,759.

The number of properties on the market is lowering with 10 per cent less properties in May than compared to April.  However, properties are sitting on the selling block for longer with an average of 73 properties with each estate agent in May.

Miles Shipside, director of Rightmove, remarked, “There are more old people at the top of the chain trying to downsize and fewer at the bottom trying or able to trade up.

“The ability to trade up is a vital component of a healthy housing market.

“Some people may be facing redundancy and looking to reduce their outgoings, and others may be looking to supplement their underperforming pension pots.

“With overall market volumes already in the doldrums, we need a fair and consistent wind of mortgage lending to prompt a speedier housing market recovery.”