Demand for housing has dropped in August, says the latest report from Hometrack, while supply is on the rise. The property website has found that although there is a traditional seasonal low in August the market is shifting with more property up for sale but less serious buyers on the books.
Average prices fell by 0.3% in August and prices fell in nine regions, and remained static in Wales. The South East and North West posted the steepest declines while prices in London have now been falling for four months, the report notes.
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‘The housing market is in the process of a modest re-pricing that is likely to run for the next 6 to 12 months. This follows a period of 18 months over which house prices have firmed rapidly on the back of a potent mix of rising demand and a chronic lack of housing for sale said Richard Donnell Director of Research at Hometrack.
‘Firmer pricing and the abolition of Home Information Packs (HIPs) have resulted in a surge of new properties coming to the market. But while the removal of HIPs has allowed sellers to once more put their homes on the market at no cost, so the commitment of vendors in agreeing to sales at realistic pricing levels, remains questionable. The unmistakable fact is that the availability of homes for sale has improved markedly and this has reduced the support for house prices provided by the scarcity of housing for sale over 2009 and early 2010.'
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