Hometrack reports rise in house sales

| March 30, 2009 | 0 Comments
Hometrack reports rise in house sales

Hometrack is the latest monitor of the UK property market to present an analysis: the housing intelligence firm’s March survey shows house prices continuing to fall, although sales volumes rose by 19% on a month earlier.

In addition, the number of potential buyers registering with estate agents increased for the second month in a row, up by 9% on February.

According to the data, the average price of a home fell by 0.6% on February taking the annual rate of decline to 10.3% and putting the average achievable selling price for March at £156,100.

However, the monthly fall was the smallest since May of last year and the firm noted that homes have been selling more quickly, with vendors receiving an average 88.8% of their asking price, up from 88.3% a month earlier.

The survey of estate agents also revealed that the proportion of postcode districts reporting price falls dropped from 59% to 50%.

Hometrack remains cautious about the months ahead, pointing out that rising unemployment, a shortage of mortgage finance and poor economic growth could yet wipe out any gains.

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