House price growth halved in June, so property analyst Hometrack reveals.
In June average house prices in England and Wales decreased to 0.3%, down from 0.6% in May and 0.8% in March.
Such low growth means property prices are presently 6.4% higher than in June 2006, down from 6.7% in May, with Hometrack anticipating that this trend for low growth is likely to continue over the next few months.
June house prices rose in 28% of the country, down from 44% in April, as numbers of homes entering the property market was higher than numbers of new buyers.
Such supply growth is due to homeowners putting their properties on the market prior to the introduction of home information packs.
Growth in supply is at a time when demand is faltering on the back of recent increases in interest rates and widespread fears of further rate rises to come.
Much new supply to the market is coming from discretionary sellers looking to get close to the full asking price. It appears like the average time to sell property is likely to increase in the next few months with a slowing down in sales volumes and an apparent switch to a 'buyers' market."
London has seen high house prices driving up figures for the property market. However, the capital saw the greatest decrease in demand in June, with the largest increase in homes for sale since February 2005.
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House Price Growth is Half of What it Was
Mon, 02 Jul 2007
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