There is further evidence that the housing recovery is running out of steam in a survey published today showing that prices dipped during July, the first decline in 15 months according to the property data specialist Hometrack.
Prices have fallen 0.1% this month as demand waned, supply rose and homes took longer to sell, the company said.
Hometrack's report also indicated that talk of impending public spending cuts is hurting confidence, with a 1.3% fall in new buyers registering with agents and homes now taking 8.7 weeks to sell – back to August 2009 levels.
Richard Donnell, director of research at Hometrack, said prices would fall further. "In recent months, much of the pent-up demand which stretched back to mid 2009, has now either been satisfied or dissipated," he said. "Further modest price falls are inevitable over the second half of the year."
More: Hometrack survey shows house prices fell 0.1% in July | Business | The Guardian
Prices have fallen 0.1% this month as demand waned, supply rose and homes took longer to sell, the company said.
Hometrack's report also indicated that talk of impending public spending cuts is hurting confidence, with a 1.3% fall in new buyers registering with agents and homes now taking 8.7 weeks to sell – back to August 2009 levels.
Richard Donnell, director of research at Hometrack, said prices would fall further. "In recent months, much of the pent-up demand which stretched back to mid 2009, has now either been satisfied or dissipated," he said. "Further modest price falls are inevitable over the second half of the year."
More: Hometrack survey shows house prices fell 0.1% in July | Business | The Guardian
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