House prices in England have fallen again in July due to a decrease in demand from potential buyers with the average house price dropping by 0.1% on June to £158,700. Estate agents have reported a 1.3 per cent fall in the number of potential home buyers registering with them and this decrease is thought to have fuelled the drop.

Despite the decreased demand, supply of available homes was up with estate agents stating a 3.6 per cent increase in the number of homes available for sale. The collated research from property intelligence group Hometrack said that the this is been a continuing trend over the last 5 months and talk of cuts in government spending and concern about the economy is affecting people’s confidence in the housing market.

The market has seen a shift from it previously favouring sellers to it now being in favour of the buyer.  There has been an increase in the average time it takes to sell a property compared to last year and a decrease in the average percentage of asking price that sellers are receiving compared to last month. This trend also looks set to continue over the coming months while sellers compete to find buyers for their properties and supply outweighs demand. 

Author:  Thomas Davies

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