House Property Prices - Is the Housing Market Really Slowing?

publication date: Aug 9, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

House Property Prices - Is the Housing Market Really Slowing?

Following June's data, the housing market definitely 'appears' to be slowing. However it is important to remember that much of this is due to a comparison of data this year versus last year, when the market starting showing signs of recovery rather than seeing a 'true' slowdown of the market.

"Overall", says Kate Faulkner, one of the UK's top property market commentators "We've still some way to go before we recover to the dizzy heights of 2007 prices and sales volumes are still way down from their peak. July's property figures just confirm what we've been saying for a while now, in that the market had a 'little spurt' in the last 12 months, mostly thanks to cautious sellers not wanting or daring to move, so sale stock remained as low as demand".

Sales volumes are up by just under 40% versus last year, but this is still half what we have sold in the past. Asking prices have pretty much stopped rising and according to Zoopla "almost one-third (32%) of property for sale in Britain today, has had their asking price reduced at least once since they were first listed on the market". Most of these price reductions have hit areas "up north" such as Barnsley, Rotherham and Manchester where properties for sale do seem to be outstripping demand.

For the full property market analysis, READ MORE and if you want to find out how the housing market is performing your local area READ MORE.

If you need independent advice on buying and selling in the UK, then contact Kate Faulkner and her team at Designs on Property by emailing or calling 0845 838 1763

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