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UK Housing Market Goes from Bad to Worse

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United Kingdom  UK House Prices  London  Halifax  Hometrack  Richard Donnell 

UK Housing Market Goes from Bad to Worse

By - Wednesday 29 August 2012

The UK housing market is getting worse instead of better according to the latest release of the well respected Hometrack index.

According to the firm the 0.1% decline in house prices countrywide in August, was fuelled by a month of stagnation in London. According to Hometrack this was the first month this year that London house prices have failed to grow.

However, it isn't just stagnation in London that is to blame, but the widening gap between supply and demand as well. According to the index the numbers of homes for sale in the UK grew by 19%, while the number of people looking to buy and move increased by just 10%.

Surprisingly the report found a 6.5% increase in the number of houses sold, however, the firm puts this down to bunching of sales after poor weather and the Olympics. It said that while the north was the most sluggish in terms of sales activity, that even the south was slower than it has been, forcing sellers to accept 93% of their asking price.

"The market remains in a fragile state," said director of research Richard Donnell. "We expect to see slow downward pressures over the remainder of 2012."

Meanwhile a separate report by the Halifax, found that while stagnant prices and low interest rates have reduced mortgage repayments to the lowest proportion of disposable income for 15 years, the opportunity to buy is still beyond most people who can't raise a sufficient deposit, and/or don't have a good enough credit rating.

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