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House prices remain unchanged

House prices remain unchanged

Category: Mortgages

Updated: 04/08/2009
First Published: 24/07/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices in the UK remained unchanged for the third consecutive month in July, with a North/South split in selling trends looks to be developing.

The annual rate of decline is slowing, however, with property values now 7.7 per cent less than they were 12 months ago. That figure was 9.6 per cent just two months ago. The number of new buyer registering with agents increased in July, as it did in May and June, figures from a housing market survey by Hometrack have revealed.

On the figures, Richard Donnell, director of research at the housing intelligence firm said: "A lack of mortgage finance, low buyer confidence and growing fears of unemployment are currently being offset by increased demand, a pick up in sales and a growing scarcity of housing for sale."

The survey also found that a north/south split is evident with the average time taken to sell a property differing greatly between the two, reinforcing the clear split in market conditions in the UK.

In the south the average is less than nine weeks, with the figure being as low as 5.8 in London, while in the Midlands and the North, it is still over 10 weeks. In Wales the average time is 11.8 weeks.

Suggestions of a sustained period of recovery in the housing market were shot down, with Mr. Donnell commenting: "When we look back on the first half of 2009, the likelihood is that the tales of green shoots are proven to be little more than an unsustainable and short term blip."

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