Hometrack stated this morning that property buyers fell by the wayside again last month with a drop of 2.6% in applications during September. The number of new sellers also edged down with new listings falling by 0.6%.
Until the end of last week, this year has seen property supply rise at almost twice the rate of demand.
Over 9 months, there was a 22% increase in new instructions, but a rise in applicants wishing to purchase of only 11%.
The average time that a property is on the market has increased to 9.6 weeks.
According to Hometrack, house prices have fallen since July 2010 – That is 15 consecutive months.
London’s average at 0.2% a month continuing growth has propped up the overall UK property market.
Hometrack’s new report also predicts that UK property prices will accelerate downwards before the end of the year.
The report says that its 1,500 agents are under growing pressure from vendors to secure sales before the end of the year. They also highlight an increasing proportion of properties sticking on the market – suggesting price adjustments will have to be in order.
Hometrack’s Research Director, Richard Donnell, said these would “ultimately kick-start a new phase of re-pricing across the market”.
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