–Hometrack: UK June House Asking Prices Up 0.1% m/m; Up 2.1% y/y
LONDON (MNI) – Growth in UK house asking prices slowed further in
June, rising only 0.1% month on month and up 2.1% year on year,
housing market intelligence company Hometrack said.
In May, prices had risen by 0.2% and by 2.0% on the year. Growth in
demand, in terms of new buyers registering with agents, ground to a near
standstill, rising just 0.1% on the month in June compared to up 0.5% on
the month in May.
In the Hometrack series demand growth has been slowing for the last
four months. Hometrack attributed the slowdown to political uncertainty,
talk of austerity measures and a continuing lack of mortgage finance.
While demand was near flat on the month, housing supply rose.
Property listings continued to grow due to speculation over changes
to Capital Gains Tax (CGT) and the abolition of Home Information Packs,
Hometrack said.
The supply of homes for sale picked-up further, rising 2.9% on
the month compared with 1.8% on the month in May.
The volume of sales agreed rose to up 2.8% on the month from up
2.0% on the month in May. The average time for a property on the market
increased slightly to 8.4 weeks from 8.3 in the previous three months.
Market conditions are expected to remain subdued in the coming
months, with prices likely to track sideways at best, but with the
distinct possibility of small monthly falls, Hometrack said.
–London Bureau; Tel: +442078627492; email: ukeditorial@marketnews.com
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