Housing slump? Blame the weather | Money | guardian.co.uk
The housing market is bracing itself for more price falls after an unexpected slump in sales this spring thanks to economic uncertainty, prolonged good weather and the glut of Bank Holidays.
Miles Shipside, commercial director of Britain's largest property website Rightmove, says the "distraction" of successive long weekends, the holiday atmosphere surrounding the royal wedding plus good weather across much of the country, have sharply cut demand.
"The number of buyers has fallen even faster than the number of sellers and transaction volumes will therefore remain low," he says. "Agents usually see stock turn over more quickly during spring, but this year's slower market suggests stock levels may exceed Rightmove's previous record of 79 properties per branch over the next few months."
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