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Uncertainty Puts Brake On Property Prices

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House price gains are dropping back, under pressure from economic uncertainty and a growing mismatch between supply and demand, property analyst Hometrack will say today.

Prices rose by just 0.1 per cent in June, as new buyer registrations ground to a virtual standstill with a measly 0.1 per cent growth, while sales listings boomed by 2.9 per cent. The result is prices rising in a bare 11 per cent of the market. And in nearly 3 per cent of the market prices are falling.

Growth in demand has now been slowing for four consecutive months, with six out of 10 regions seeing a fall in new buyer registrations this month. The most significant drop was in London, where registrations fell by 0.9 per cent compared with May.

The rising supply of housing for sale is now outstripping demand increases by three times, with supply up 15 per cent in the past three months compared with a mere 4.9 per cent increase in demand, according to Hometrack.

Market sentiment has come under considerable pressure in recent months, first from the General Election and more recently over concerns about the future health of the economy, according to Richard Donnell, the director of research at Hometrack. A continuing lack of mortgage finance is also a factor. And last week's austere Emergency Budget will only add to the market's sense of uncertainty.

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  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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