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House sales jump 11% in June

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  • 27/06/2011
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House sales jump 11% in June
The number of house sales rose 10.6% in June, as activity bounced back from a subdued May and sellers become more realistic about achievable pricing levels, according to Hometrack.

Its June house price survey revealed that June recorded the highest increase in sales since March 2011,and was up significantly on the rise of 1.5% in May.

with the number of buyers registering with agents rising 1.9% compared to a fall of 0.5% in May.

House prices fell modestly by 0.1% in June, matching the drop seen the previous month.

Hometrack said that the housing market has held up better than expected over the first six months of the year, albeit at low transaction levels.

Average house prices have slipped a total of 1% over H1 and are 3.9% lower than this time a year ago.

However, Hometrack said the market is highly polarised.

In London, houses are selling within six weeks, compared to Wales where houses are taking 14 weeks to sell.

Richard Donnell, Hometrack’s head of research, said he expects average house prices to fall by 2% over this year in the face of subdued demand.

He said: “The second half of the year is set to see subdued demand keeping a further downward pressure on prices.

“While the balance between supply and demand is not significantly out of kilter, subdued demand and weak consumer confidence are set to keep headline prices under modest downward pressure over the months ahead.”

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