House prices remained unchanged in June according to the latest report from Hometrack, as rising sales volumes, a dwindling supply of housing for sale and a continued increase in demand underpin price levels once more.
Sales volumes continue to pick up, and rose by 4.6% in June, the fifth month in a row while average time on the market for a property has fallen to 9.4 weeks from a high of 12 weeks in January. Although things are picking up, regionally the picture isn’t the same with demand in London and the south east increasing faster than in Wales and the north east.
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Richard Donnell from Hometrack said: ‘The jury is still out as to whether the momentum gained over the spring and early summer can be maintained for the rest of the year. The two key risks for the market are either a renewed weakening in demand or a surge in the volume of housing for sale.
‘Given the uncertain outlook for the economy it is the demand side where the greatest risk lies as many would-be buyers continue to remain cautious or are unable to obtain sufficient equity or finance to access the market.’
‘The simple truth us that the majority of households either do not need to move, are unable to afford a move or just do not have the confidence to move home.’
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