Rest of 2014 will be a buyer's market, says Hometrack
Date online: 01/09/2014
Whilst average house prices are yet to fall – weaker demand and increasing supply over the last six months have reduced the upward pressure on house prices. This is increasing the amount of time properties are spending on the market and resulting in sellers having to accept larger discounts to the asking price to achieve a sale. All evidence of a shift towards a seller’s market in the remainder of the year.
House price growth across the London market continues to under-perform the rest of England and Wales. Growth flat-lined once again in August and just 11% of postcodes registered month on month price increase. This compares to prices rising across 19% of markets outside London with the impetus for growth coming from commuter towns across the greater South East.
The change of fortunes for the London market over the last six months has been stark. In February this year 87% of London postcode districts witnessed a price increase over the month compared to just 11% now. The proportion of the asking price achieved has fallen from 98.8% to 96.4%.