Monthly report show that house prices are stabilising
House prices have shown a rise of 0.2% in July which compared to last year in July is a decrease of 0.4%. Demand for homes was still not as good as it could be as sales were still running at half of the level compared to previously before the crisis with the banks happened.
Land Registry has said that the average house price has not risen and still remains at £161,479.
“House Prices remain relatively high compared to incomes and, together with more demanding deposit requirements, this is dissuading, or at least delaying, some first time buyers from entering the market.” Robert Gardner, chief economist at Nationwide.
Although house prices seem to be the same as they were this time last year they have gone on a up and down journey to get to this point. House prices have taken constant movement throughout the year.
Compared to December 2010 house prices have gone up by 4%. Economists believe that is essential to check the average house price over the last three months and compare it with the previous three months to help choose whether the market place is go to sell at the moment.
Spareroom.co.uk suggested that the house market is the way it is because there is a “disconnect between buyers and sellers” Buyers are not willing to pay house prices are what sellers are able or will accept.
The difference in regions also has a huge impact on the market as figures released by the land registry have shown that the significant variation over the previous year has been throughout many regions.