Unfortunately for these buyers, the number of new properties coming up for sale has dropped considerably since last spring. High demand coupled with low supply has pushed up prices and left many frustrated at missing out on their dream home.
The average asking price in the North West has risen by 3.4% in the past month to £169,181 in February – up from £165,062 at the same time last year.
Miles Shipside, Rightmove director and housing market analyst comments:
“For the right property at the right price, demand is outstripping supply and leading to some further upwards price pressure.
However there is a limit to what the majority are willing or can afford to pay, especially with the tighter lending criteria.”