Twitter Facebook RSS FEEDS

Demand for homes down due to economy woes

Monday, 31 October 2011 11:06 AM

Demand for housing fell for the third month in a row as worries about the economy and household finances affected would-be buyers, according to the latest survey from Hometrack.

The property analytics company said prices fell by 0.2 per cent in October, a bigger drop than the 0.1 per cent drop seen in each of the previous five months. Prices are now down 2.8 per cent on a year ago.

Prices in London remained the same after seven successive months of increases that boosted the national figures.

The biggest falls in October came in the West Midlands (-0.6 per cent), East Midlands (-0.4 per cent) and North East (-0.4 per cent).

A third of postcodes saw prices fall compared to a quarter in September.

October saw a 1.3 per cent increase in the number of properties registered with agents and over the last six months supply has increased by 11 per cent.

Hometrack says the shifting balance between supply and demand indicates that price falls will accelerate over the next few months.

Director of research Richard Donnell said: "The evidence is clear that buyers are drifting away from the market in the face of weak consumer confidence and concerns over the prospects for the economy and their household finances."

Want to be the first to know when we break a story? Follow @AboutProperty on Twitter and subscribe to our free weekly newsletter.

Related stories

The first-time buyer stamp duty holiday is said to be contributing to the increased demand.

Biggest rise in demand for homes since downturn

Seasonal increase and stamp duty holiday prompt 18 per cent rise in buyers registering with agents, says Hometrack.

 London is propping up UK house prices. Image:Thinkstock

Asking prices for homes reach new all-time high

National average beats previous high set in May 2008 but London and South West lead market, says Rightmove.
The Land Registry say transactions rose slightly in January.

House prices down year-on-year despite January rise

London continues to out-perform the rest of England and Wales, says Land Registry.

The average home now costs £160,118, compared to £160,393 in April last year.

Halifax: House prices down 0.5 per cent

House prices fell by 0.5 per cent in February, according to the latest Halifax house price index.
The supply of properties on the market is up 19 per cent over the last three months.

Recovery in house prices set to be short-lived

Prices rose for the second month in a row in April but trends in supply and demand point to summer slowdown, says Hometrack.

 The house price increase is the equivalent of £68,500 per household.

Homes see £1.8tn increase in last ten years

Rise in combined value is the equivalent of £68,500 per household, says Halifax.
Average mortgage payments are now at their lowest proportion of disposable earnings for a new borrower for 14 years.

House prices edging down despite January bounce

Housing market set for stability on back of low interest rates and rising employment unless Eurozone crisis deepens, says Halifax.

 House prices continued to fall across the country, though at the slowest rate since June 2010.

More homes on the market in time for new year

New sales instructions rise for third month in a row but some sellers have unrealistic price expectations, says RICS.

November also saw an increase in the average number of unsold properties. Image:Thinkstock

Rise in demand but housing market still subdued

Increase in new buyer enquiries means rising sales but meaningful recovery still some way off, says RICS.

House prices up 0.1 per cent in 2011, says DCLG index.

London and new homes the gainers in 2011

House prices flat-line in UK as a whole but big differences between regions and types of property, says DCLG index.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.