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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