'A slow down' - Estate agent says housing supply is hitting market

Wellesley Road in Great Yarmouth

Aldreds say house sales have fallen in June - Credit: Archant

A Great Yarmouth estate agent says there has been a slow down in the sales of homes at the start of the summer.

Chris Fielding, associate director at Aldreds' Great Yarmouth office on Hall Quay, said there has been an issue of housing supply at the same time as people wonder if house prices will drop.

He said that sales for June are down compared to May but in future months a buyer's market could return.

Picture by Mike Page.Picture shows: Great Yarmouth, the beach, harbour entrance, and parts of Gorl

House sales are said to have fallen this month in Great Yarmouth - Credit: Mike Page

Mr Fielding said: "May was a very strong month in the Great Yarmouth office here.

"We had very good sales and then this month we are running at half or two thirds of where we were last month. So there has definitely been a slow down.

"Whether that's the impact of what's been going on or whether people are away - in June and July you do see people away on holiday.

"Everyone is asking the same questions "Are house prices going to drop?" and "Is the market changing?"

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"I think there are signs of that, but it is too early to really give a clear picture of it really. There is a limited supply for sure.

"We are still finding supply is lower than what it is expected to be.

"The demand has been very good for the first five or six months of the year.

"But if that changes as we go into the second half of the year and there is more supply and choice for people we could get a buyer's market again. I think that is likely to happen.

"On an average month our office here we will hope to sell a minimum of 20 properties a month. We had an exceptional month in May.

"I don't know what July will bring yet. Our stock levels are not as good as we like.

Construction work of homes at Wheatcroft Farm in Bradwell in 2016. PHOTO: Nick Butcher

House sales fell this month - Credit: Nick Butcher

"And if you look at the take up levels not just for us but all the agents locally I think they are down this month from where we expect to be.

Mr Fielding said that a rise in interest rates could help "stagnate the market".

He said: "That is going to have a definite impact, probably more on the higher priced properties here than the bottom end, because affordability wise a house up to £150,000 or £200,000 is actually cheaper than renting somewhere."