UK house prices continued to fall during March, but the housing market is showing signs of picking up, according to housing intelligence group Hometrack .
The group’s latest housing survey found that the average price of a home fell by 0.6 per cent last month, taking the annual rate of decline to 10.3 per cent and putting the average achievable selling price for March at £156,100.
However, the monthly fall was the smallest since May last year and the firm noted that homes have been selling more quickly, with the average time for a property on the market falling in March to 11.3 weeks from 12 weeks in February.
Vendors also received a higher proportion of their asking price, which rose for the first time in two years to an average of 88.8 per cent, up from 88.3 per cent the previous month.
The housing market survey also revealed that the proportion of postcode districts reporting price falls declined from 59 per cent to 50 per cent in March, while the number of buyers registering with estate agents increased for the second month in a row, rising by a further 9 per cent.
There was also a 19 per cent increase in sales agreed, although the group added that volumes still remained well down on normal levels.
Richard Donnell, Hometrack's Director of Research commented: "After a year of declining demand and market activity, this modest pick we see as being largely seasonal but supported by pent-up demand feeding back into the market."
"Yet with the expectation of continued increase in unemployment and weak economic growth together with restricted availability of mortgages, it seems doubtful whether the increase in activity and sales will continue to gather momentum in the coming months."
He added: "Demand is set to remain subdued and while the rate of price falls is likely to moderate slowly, prices look set to remain under downward pressure over the rest of 2009."
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Housing Market Showing Signs Of Recovery Wed, 01 Apr 2009
     Recommended linksYour online estate agents resourceProperty for sale search Rental property search Estate agents UK directory International estate agents UK surveyors Estate agent fees Property guides Slump In Property Sales Continues Property Asking Prices Driven Up By False Optimism Increased Buyer Interest Failing To Boost Property Sales Slump In House Prices Continues |
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