Housing market remains stable
House sales have remained stable despite prices falling for the third consecutive month, following a 0.4 per cent dip in September.
The average UK house price in September was £159,486, placing it 0.3 per cent lower than at the end of last year while prices in the three months to September saw a 1.2 per cent decrease than the same period in 2011.
House sales have ranged between 75,000 and 77,000 per month between May and August and, in fact, sales in August saw a 3 per cent increase year-on-year.
House Economist, Martin Ellis comments on the latest figures:
“Overall, there has been very little change in the average UK house price so far this year. This is, nonetheless, evidence of a slight deterioration in the trend recently with prices in the three months to September 0.5 per cent lower than in the previous quarter. The average price fell by 0.4 per cent in September; the third successive monthly decline.
“The generally weak economic climate remains a significant constraint on housing demand. The relatively low level of mortgage payments in relation to income, however, continues to provide to support for house prices. We expect house prices to be broadly unchanged over the rest of the year and into 2013.”
There is however an expectation that conveyancing will enjoy a seasonal pick-me-up as homebuyers look to secure their move before Christmas.
Content correct at time of publication