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When the supply of any product decreases the demand increases. When there is a large amount of houses available on the market, it is easier for buyers to pick and choose, and negotiate price. (Buyers' market) When there is a limited amount of houses on the market, sellers can easily negotiate higher sales prices due to lack of availability. (Sellers' market)
Wiki User
∙ 16y ago
Wiki User
∙ 15y ago•In the short run Supply of housing is fixed because it takes time to build houses. Therefore in the short run demand affects prices more than supply
• Availability of planning permission. This is difficult to obtain in rural areas
•Availability of worker i.e. builders.
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