House prices LIVE: Demand explosion sparks 30% crash – major estate agent on brink

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Purplebricks believe market imbalance will continue towards the end of the year and they predict to make just 22,000 property sales in the six months to 31 October, down nearly 40 percent from the 35,387 last year. Strong demand from Britons for outside space and a countryside location has outstripped supply. According to the property website Rightmove, the number of houses going up for sale fell by around 23 percent in the summer compared with the same period last year. Housing stock is at its lowest in at least seven years, according to Savills. Vic Darvey, CEO of Purplebricks said despite this “challenging backdrop, the team is continuing to execute on our transition to the new [online] operating model”.

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Average property price up by more than £30,000

Nationwide Building Society said house prices rose by 0.7 percent in October this year from a month earlier, pushing the price of the average property up by more than £30,000 since the coronavirus pandemic began in March 2020.

This coupled with year-on-year property price inflation remaining at a very high level of 9.9 percent last month, means property prices are unachievable for many.

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