Tuesday, 29 July 2014

Supply of for-sale homes falls in September

The supply of new homes for sale in England has fallen for the first time in seven months, while prices continued their downward trajectory.

The latest monthly survey from property analytics firm Hometrack showed a fall of 0.9 per cent in the number of new homes listed for sale in September.

Prices came down by 0.1 per cent, matching the falls in July and August.

‘House prices fell for the third month in a row on the back of weakening demand, a fall in sales agreed and a re-pricing of unsold stock,’ said Richard Donnell, director of research at Hometrack.

‘While the government’s funding for lending scheme is likely to support a modest increase in mortgage lending, the uncertain economic outlook, together with affordability pressures will continue to act as a drag on housing market activity. Pricing will remain under slow downward pressure, but the tightening of supply will limit the scale of price falls in the short term.’

No region registered price increases in September. House prices were static in London and the south west while they fell in all other regions over the month, the biggest decline of 0.3 per cent was in the north west.

Demand from buyers, measured by the number of people registering with agents, fell by 3.6 per cent, the largest drop in four consecutive month of decline. Between February and May, the number of people registering rose by 25 per cent.

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