Hometrack Housing Survey shows house price growth has halved in the last quarter
This month’s Hometrack National House Price Survey reveals:
House prices increased 0.3% in June – the lowest level since January 2014 (0.3%), which represents a halving in the rate of growth in the last quarter
There was no growth in new housing demand in June which marks a major turnaround from the trend over last 18 months.
The proportion of the asking price achieved falls for the first time in four months as agents find it harder to sustain price rises
The coverage of postcode districts with price increases over the month has continued to decline from 50% in April to 32% in June.
London has seen the lowest coverage of price rises for 16 months – half the level of the second half of 2013, with the average time on the market also rising as sales take longer to achieve in the face of weaker demand
The time on the market averages 5.9 weeks, which is a decrease on April 2014 (6.3 weeks) and May (6.5 weeks). The measure has been rising in London for the last two months.