Further house price falls in June demonstrate little signs of recovery in house prices, says Hometrack in its report for June.
However, it does say that activity in the market is picking up, albeit at a slower rate than in May. It remains a buyers market, as a continued increase in properties matched with a refusal on the part of sellers to take less creates more options for people looking to buy.
The amount of time which it takes to sell is also increasing, from 7.6 weeks the average time in June, compared to 4.2 weeks 12 months ago, says the survey.
It also noted that only one county – Northumberland – has seen a price increase at the top of the market, while Hampshire, the Isle of Wight, Kent and North London all remained static.
On the other hand, counties reporting the largest falls in price are Norfolk, Avon, North Lincolnshire, South Lincolnshire and Wiltshire.
John Wriglesworth, Hometrack?s housing economist said: ?The market over the last few months has looked like it was about to come up for some fresh air, with house prices coming tantalisingly close to turning positive. However, June?s price fall signals a stall in the road to recovery.
?The only good news is an upwards trend is sales agreed, and a general expectation of lower interest rates before the end of the year. These should help boost confidence, and ensure price stability.
?While the market is stagnating it is showing absolutely no evidence of crashing. All talk of a pending housing recession is total clap trap.?
