According to the latest data from property market analysts Hometrack, the supply of available properties is now outstripping demand, in a sharp turnaround since the end of 2009.
At the same time buyers are taking longer to commit to a purchase, with the viewings per sale increasing for the third consecutive month in April, while the average asking price achieved is stagnating at 94%.
Hometrack says that estate agents are finding it harder to maintain increases in price while achieving sales volumes – the average time taken to sell a property has now plateaued at 8.3 weeks.
Commenting on the monthly national housing survey, Richard Donnell Director of Research said: “The April survey of 1,500 agents and surveyors across the country shows further evidence of a housing market on the turn.
“The changing supply/demand balance together with clear evidence of growing price resistance and caution amongst buyers, suggests that we are set to see less upward pressure on prices in the near term.. There has been evidence for some months that the supply/demand balance has been changing steadily but the buyer slowdown has been exacerbated by the announcement of a May election.”
