Asking prices stall as stock levels rise

| July 13, 2010 | 0 Comments

The average asking price of a UK home has remained stable in July, with growth stalled by a surge of properties for sale.

According to’s latest House Prices and Affordability Index, a combination of sellers keen to take advantage of recent price growth, and renewed confidence following the Budget, resulted in stock levels rising by 6% in July from June.

The research indicates that there is now 43% more property on the market than in January, forcing sellers to reassess, although the market overall has remained stable with the typical asking price at £220,250.

Scotland and the East of England saw a 0.4% rise from June to July, to £152,967 and £217,616 respectively, while the North East, North West, Yorkshire and Humber, East Midlands, and the South East remained stable, or saw price rises of between 0.1% and 0.3%.

However, London experienced its most dramatic fall since June 2008, as stock levels rose 7% and asking prices declined 1.1%, to a typical £435,110.

The West Midlands, Wales and the South West also saw asking prices fall, by between 0.1% and 0.2%. analyst, Nigel Lewis, comments: “Over the last few months we’ve seen supply building a steady head of steam as sellers flocked to market.”

He also cautions: “If interest rates have to be put up in order to control inflation, this could have a severe impact on peoples’ appetite to purchase.”

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