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Home prices up over year

City A.M. Reporter
MONTHLY house price rises in England and Wales slowed marginally in June, but still took the annual rise in prices to the largest since January 2008, property data company Hometrack said today.

The number of houses being put up for sale rose at a faster rate than the number of buyers, potentially limiting future price rises.

However, recent legislative changes that have reduced up-front marketing costs for sellers mean more of the new homes for sale may be from less committed vendors only willing to move if they get an unrealistically high price, Hometrack said.

Hometrack’s survey of estate agents and surveyors showed an average rise of 0.1 per cent in house prices in June, down from 0.2 per cent in May, and a year-on-year rise of 2.1 percent.

Hometrack said scarcity of housing for sale is still boosting prices.