The housing market continues to sit back on its haunches, as it meets predictions of a soft landing, according to figures from property website Rightmove.co.uk.
Figures for June found asking prices rose by 1.3% over the last month with year-on-year house price inflation falling from 15.6% in May to 14% in June. The length of time to sell a property continued to rise, now averaging 67 days in London, and 63 days nationally. A year ago the average nationally was 47 days.
Miles Shipsdale, commercial director at Rightmove, said: ‘Some of the indicators in the market are positive ‘ in that supply is no longer outstripping demand – but the activity levels are far below what we were seeing last year. Stock levels remain very high, and with low interest rates and lots of good mortgage deals it is still a good time to by, for both first time and subsequent buyers.
‘Although asking prices are still rising, it is at a much slower rate than last year and there is lots of scope to do deals with sellers at realistic prices. We are in a transitional phase in the market as prices cool, buyers bide their time and stock levels start top stabilise.’
Even though there has been a swing in favour of the seller as demand begins to outstrip supply, Rightmove said the absence of first-time buyers continued to put a dampener on the market making it difficult for sellers to move on.