Property prices across the nation are still rising but the annual rate of increase is continuing to ...
Property prices across the nation are still rising but the annual rate of increase is continuing to slow, a new survey indicates.
Statistics from Rightmove.co.uk suggest the average asking price rose by 1.3% in June, with the number of properties coming off the market now overtaken properties coming onto the market.
But the annual increase for this month fell to 14% compared with 22.1% in December 2002 and with 15.6% in May this year.
Additonally, estate agents currently have 63 standing properties per branch compared with 40 in June last year, leaving a large supply of properties for sale at the moment.
One of the key reasons for the decrease in annual prices is that first-time buyers - financially jammed by rising house prices and lenders' unwillingness to increase loan multiples - continue to shun the market, Rightmove says.
This slowdown can also be seen in the length of time it takes to sell a property, increasing from a market low of 47 days in June 2002 to around 63 days in April this year.
And comparing with a year ago, it is taking about 15 days more to sell a property.
Regionally the northern parts of the country have performed much better than the southern ones.
In Yorkshire & Humberside, a first slowdown in prices was seen this month, whilst prices declined modestly in the southern regions with London prices dropping with 0.2%.
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