Signs of a housing slowdown are now beginning to surface across the UK as a fall in the number of new buyers has now created a surplus of properties, suggests the latest Hometrack house price survey.
According to the latest study of the housing market, house prices are down 0.1% for the second month in a row to an average £152,100 and the number of new buyers has fallen by 4% so the reduction in excess demand has now led to excess supply, argues Hometrack. In reality, there is not a surplus of properties in the market, but those homes which are still up for sale may now be out of the price range of many people. The average sales price as a percentage of the asking price fell for the fourth month in a row to 94.9%, down from 95.5% in July, and the average sale time is now 5.3 weeks...
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