More homes on the market – but prices rise again
The booming property market paused for breath in July as more sellers dipped their toe in the water, new figures showed today.
The latest housing survey from Hometrack showed that house prices grew 0.3 per cent during the month, easing from the 0.4 per cent growth recorded in the previous two months.
A scarcity of housing for sale has been a key feature of the market in recent months as supply fails to keep pace with demand.
However, the trend reversed in July with a 2.4 per cent increase in supply on the back of improving market sentiment, the first increase in new supply since the spring.
Richard Donnell, director of research at Hometrack said: “This is a pattern that has been seen before in recent years where improving sentiment brings more homes to the market. This in turn shifts the balance of supply and demand which leads to a moderation in the scale of price rises.”
However, Hometrack does not expect the increased supply to make an impact on the scarcity of homes for sale. “For the new supply that comes to the market, the risk is that vendors look to push asking prices too far ahead of demand, which will result in lower sales volumes later in the year.”
The figures showed 29 per cent of the country registering price rises and just 1.8 per cent recording price falls in July. London continued to drive overall house price growth with prices in the capital rising 0.7 per cent in July.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...