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October house prices under downward pressure

Rising supply and faltering demand off the back of concerns over the economy and cuts in Government spending have led to deteriorating market conditions.

Demand for housing dropped by -2.0% in October – the fourth monthly fall in a row.

Despite the weakening outlook, the supply of homes coming to the market continues to grow. October saw supply grow by 1.9%.

Over the past six months the supply of homes for sale has grown by 14% while demand has fallen by 8%.

Across the country the North West saw the greatest extent of price falls (71% of postcodes registered falls) followed by the West Midlands (66%).

Weakening market conditions have resulted in the average time on the market rising to 9.6 weeks – the highest level since May 2009.

The East Midlands and Wales now have an average time on the market of over 3 months.

The proportion of the asking price being achieved has dropped to 92.7% the lowest level since September 2009.

Wales (91%) and the North East (91.3%) have the weakest underlying pricing in terms of the proportion of asking price being achieved.

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One thought on “October house prices under downward pressure

  1. James says:

    I have found the last 1/4 to be our best since the end of 2007 with 64 agreed sales throughout July-September.
    I have had a surge if supply to the Market but the consumer confidence seems to be strong

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