House prices in England and Wales declined for the first time in 15 months in July, according to new data from Hometrack.
In its latest report, the property data specialist said the average cost of a home dropped by 0.1 per cent during the month to £158,700 as demand fell, supply rose and homes took longer to sell.
The July fall pushed the year-on-year rate of growth down to 2 per cent from 2.1 per cent in June.
The report revealed that the number of new buyers registering with estate agents in England and Wales fell by 1.3 per cent due to concerns about the economy and the government’s planned public spending cuts.
Richard Donnell, director of research at Hometrack, said: "Levels of demand for housing have been slowing for the last five months.
"In recent months, much of the pent-up demand which stretched back to mid 2009, has now either been satisfied or dissipated."
He added: "Further modest price falls are inevitable over the second half of the year as the volume of homes for sale continues to rise and demand remains weak on the back of concerns over the wider economic outlook and uncertainty over the impact of recently announced cuts in government spending."
"It is hard to identify factors that will drive any marked increase in demand for housing in the coming months."
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