Fri 26 Sep 2014
Hometrack’s September National Housing Survey has revealed zero house price growth this month – the first time house prices have not increased for 19 months. The market has been cooling since May, but growth has now completely stalled.
Continued weakness in demand is behind the loss of momentum in price growth (demand fell by 2.1% this month), but also comes from a reduction in pent-up demand, which previously drove the market and was compounded by the launch of Help to Buy in early 2013. The balance between supply and demand has moved into negative territory in the last three months, further reducing upward pressure on prices.
While the impetus for house price growth has dissipated across all parts of the country, London is experiencing a pronounced slowdown in market activity, with continued declines in the proportion of asking prices being achieved. London was the only region to record a price fall in September - of just -0.1% – with further modest price falls likely in the months ahead.
If you're thinking of selling in Palmers Green, Southgate or Winchmore Hill may now be a good time to put your property on the market call us on 020 8882 7888
"Very Efficient, very quick sale and very straightforward sale. The staff were all very pleasant and seemed on the ball and were always on time with viewings. One small delay with the photographer showing up late but I understand this was a temp photographer as their regular guy was on holiday. Everyone seemed well experienced with no young kids telling you what they think you want to hear. The property sold within about 3 weeks with the one serious buyer identified quickly and since we were not inundated with offers it suggests the valuation was spot on. Would happily recommend Anthony Webb to both buyers and sellers."