Why is this significant?
Well, we have some 8.9 million houses. A quick back of the envelope calculation tells me 3.79 per cent of all our houses are for sale right now.
But wait, we typically exchange about four per cent of these each year.
This suggests we have over eleven months stock on the market today. The US is struggling with 9 months of supply on the market, a level which is driving down prices.
And this before the start of the Spring selling season, when would-be vendors unveil their polished treasures, gardens are at their best and the birds are singing tra la!
Hmmm. I see a price reset as bountiful supply overwhelms cautious demand. My advice: Don’t Buy Now!