A study by the property analyst Hometrack has reported that house prices in the UK have not recorded an overall monthly price increase since the summer of 2010.
In a survey of over 1500 estate agents and surveyors, it was find that house prices remained static in January, following overall falls of 0.2% in November and December. In terms of regional variations, London was the only area to show a small increase in January of 0.1%, where as the North East showed the largest monthly fall with a drop of 0.4%.
“On a national basis house prices have not increased over the last 18 months – a theme carried over into January when prices were unchanged.
London looks set to buck the national trend again in 2012 thanks to overseas buyers providing a boost to prices in London’s prime areas.” Richard Donnell, director of research at Hometrack
The hometrack report has indicated a slow start to 2012 generally, when compared to December 2011:
- 10.5% fewer new buyers registering with estate agents
- 5.4% fewer properties listed for sale
- 14.3% fewer sales agreed
In the last 6 months, the number of new properties coming on to the market has reduced by nearly 7% – the largest reduction since 2009. This has been put down to lack of buyer demand due to limited mortgage availability and the continued economic uncertainty.