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29/06/2009 Market Trends
The annual fall in house prices in England and Wales has slowed for a third successive month in June after rising demand outpaced the supply of homes for sale, property data company Hometrack said in its monthly survey on Monday.
House prices are now 8.7 percent lower than a year ago, compared to 9.6 percent lower in May. Hometrack's non-seasonally adjusted monthly figures show house prices static for the past two months.
Houses achieved 91.0 percent from 90.3 percent, of their asking price, its highest in a year, and the number of sales agreed and potential buyers also rose,
A lack of supply and rising demand has combined to prop up house prices in the last two months. Over the last six months, the volume of buyers has grown by 36 percent, this compared to a 6.4 percent increase in the number of homes for sale. But overall transaction levels and the number of new homes coming on to the market are still well below average, with new property listings up just 0.8 percent on the month after a 0.2 percent decline in May.
Surveys by the major mortgage lenders Halifax and Nationwide show overall house prices are around 15-20 percent lower than their peak in the second half of 2007.