Housing market gloom returns as transactions and prices drop

Ben Southwood
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THE HOUSING market stalled in September, with slipping prices and collapsing numbers of sales, data revealed today.

Transactions dived 24 per cent into September, according to statistics from LSL Property Services, while the average house price edged down 0.1 per cent to £225,374.

“A combination of dipping house prices and falling sales numbers point to a slowing market in September,” said LSL boss David Newnes, putting the stagnation down to “reduced buyer activity” and a “lethargic mortgage market”.

But the small monthly decline did not overturn the expansion through the year – prices were still 2.2 per cent higher than in last September, the data claimed.