Summer slowdown continues for new buyer registrations
The growth in new buyer registrations slowed to just 2.8% this month, according to Hometrack.
This compares to the 6% and 4.6% increases reported in May and June respectively.
Accordingly, the average volume of stock on agents’ books has increased, though only by 0.5%, which is lower than the 0.8% increase seen in June.
But the average time properties have spent on the market has decreased to nine weeks, down from 9.9 and 9.4 weeks in May and June.
Hometrack's Housing Market survey for July, out today, also reveals that the average property price remains unchanged for the third consecutive month, with the percentage of postcodes having seen a price decrease during July also remaining unchanged at 3%. Conversely, 10% of postcodes have seen prices increase.
Richard Donnell, director of research at Hometrack, says: "A lack of mortgage finance, low buyer confidence and growing fears of unemployment are currently being offset by increased demand, a pick up in sales and a growing scarcity of housing for sale."
He adds: "When demand does start to feed back it will do so relatively slowly, starting in the equity-driven markets of London and the south, and only filtering down the rungs of the housing ladder as the economic recovery starts to gain momentum."
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