House prices slump further as demand slips outside London

Ben Southwood
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THE WEAK outlook in the housing market was reinforced by research published by Hometrack today, which points to stagnant prices and fewer buyers entering the market.

Prices in June were completely flat compared to May, leaving then 0.5 per cent down on the year.

Compared to May, there were 0.5 per cent fewer new buyers registering with agents, and the balance of districts seeing an increase over those seeing a decrease was -12.6 per cent.

The average time houses stayed on the market edged up to 9.4 weeks, and though there were 1.5 per cent more property listings in June, this is a lower increase than the 2.2 per cent rise seen in May.

The percentage of the asking price being achieved crept down to 93.1 per cent.

<a href="/house-prices">London house prices</a> was the only region to register an increase, though of only 0.3 per cent, in line with the picture suggested by other recent data.

Houses took just five weeks to sell, compared to an average of 11 weeks for northern regions.