Modest price falls are expected
Despite the figures above, demand for housing dropped for the second month in a row falling by an average of –2.2 per cent in August, say Hometrack.
In Yorkshire it fell by 0.1 per cent with sales agreed up five per cent, though the number of buyers is down 0.4 per cent. Average time to sell a Yorkshire home is 10.5 weeks with an average of nine viewings.
Meanwhile, the supply of homes for sale grew by 2.4 per cent in August, well above average for what is typically a quiet month.
Richard Donnell, director of research at Hometrack, says: “The housing market is in the process of a modest re-pricing that is likely to run for the next six to 12 months.
“We expect further modest price falls in the coming months.”