Housing demand shows fall in May
DEMAND for housing fell for the first time in three months in May putting downward pressure on house prices, according to the latest survey by Hometrack, the property analytics business.
The late Easter break and May bank holidays reduced the volume of traffic through agents’ offices, but consumer confidence is also weakening with concern over household finances and the wider economy.
This will result in small singledigit price falls over the coming months, say Hometrack, who predict that house prices will end the year down by around one per cent.
In London the average time a house spends on the market is less than six weeks, while in the Midlands and North it is 11 weeks.