House prices slip as new buyer enquiries decline

| July 27, 2010 | 0 Comments

New research from Hometrack shows house prices in England and Wales slipping in July, for the first time in 15 months.

The housing intelligence firm has recorded a 0.1% decline as the market continues to take up the impact of a surge in new instructions, alongside a 1.3% drop in new buyer enquiries.

Hometrack director, Richard Donnell, expects further modest price falls during the second half of 2010, explaining: “In recent months, much of the pent-up demand which stretched back to mid-2009, has now either been satisfied or dissipated.”

Last week, Rightmove reported that home owners coming onto the market have dropped their asking prices for the first time this year.

The property portal recorded a 0.6% decline in the average new vendor’s ambitions as it accommodated an additional 30,000 properties a week, up 45% compared to a year ago.

In its latest Consumer Confidence Survey the firm describes home-mover sentiment as “faltering” as estate agents’ stock levels rise.

According to commercial director, Miles Shipside, sellers who act quickly still have a chance to benefit from some of the price gains made in the last eighteen months but only if they market their properties realistically from the outset.

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