Property price fluctuations have grounded to a halt over the past month, and the usual autumn pick-up has failed to materialise, the latest house price index report from Rightmove.co.uk has shown.
Prices have hardly changed in the past month, with the average property asking price standing at £192,316, just £19 pounds lower than the previous month, the property website said.
Top end property prices seem to be showing strength while the rest of the market dwindles ? the average asking prices of detached and semi-detached properties both rose slightly over the month while lower end property prices declined.
Regionally, the property market still seems to be evening out. The largest rise this month was of 1.5% and occurred in the East Midlands, while London asking prices continued to fall a further 0.7% to an average of £251,472.
According to Rightmove.co.uk, which advertises around 50% of all homes for sale via estate agents across the UK, stock levels of homes for sale are higher than for almost a year, and demand is low compared with this time last year, indicating a shift in the balance between supply and demand in favour of the buyer.
Miles Shipside, commercial director of Rightmove, said: ?The market seems in a stalemate, with prices static and relatively low levels of activity as buyers wait for a clearer idea of where we are going. [However], while property pries are easing, there?s no recipe for a crash. Unemployment is at its lowest level for 27 years, Bank base rate looks likely to peak at around or even below 5%, and consumer confidence remains sound.?
