+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Britain's housing market just had its busiest August since the credit crunch

Aug 17, 2015, 12:29 IST

Three contortionists squeeze into a Perspex box in Leicester Square, London August 24, 2006, to highlight a campaign protesting against overcrowded housing conditionsREUTERS/Stephen Hird

If you're looking to buy a house this month, you picked the wrong August.

Advertisement

House prices fell a measly 0.8% so far this month - the least in August since 2007.

This is down from a 2% discount last year, according to figures from Rightmove.

The month is traditionally a time for homebuyers to find a bargain. Most of their competition are on holiday and sellers with houses on the market in August are usually the ones most desperate to shift their properties. But not this year.

The problem is a shortage of homes, with 8% fewer house sellers this August compared to last year.

Advertisement

Here's the chart:

Rightmove

Sellers are keeping their houses off the market because of high moving costs and the lack of anything good to move into at a reasonable price.

Miles Shipside, Rightmove director and housing market analyst said: "If there's very little up for sale it can often put off would-be sellers from deciding to market their own property."

Here's a chart showing that trend:

Advertisement

Rightmove

This is good news for homebuilders, like Bovis - the company reported a 9% hike in revenue for the first half of the year.

NOW WATCH: The science behind losing weight

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article