Graph Of The Week

Here’s an interesting graph from the Royal Institution of Chartered Surveyors’ last market survey.

It shows the relationship between sales and stock levels.  If the ratio is rising, the market tends to favour sellers and this puts upward pressure on prices.

This is indeed the case: the ratio has risen for nine consecutive months and stands at 29, its highest level since December 2007.

Small wonder, then, that the net balance of surveyors expecting prices to increase rather than decrease pushed up to 25 per cent, from 18 per cent in August.

This reading of the market is borne out by our own House Prices & Affordability Index, the last issue of which shows stock levels on the slide (by 20 per cent year-on-year) and prices edging up.

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