The property website, Rightmove claim that house prices are still on the up but are taking longer to sell. According to the website, a year ago it took an average of 47 days to sell your property. Now it is taking an average of 63 days. Despite the slowdown in selling, prices in the West Midlands and North of England are leading the way upwards. 3.5% for the West Midlands and 8.6% in the North during the last month. The news is apparently not so good in London, the South East and South West of England with 20 of the 32 London boroughs reporting falls in house prices.
Our View
Despite houses taking longer to sell, the good news is that they are still selling. Prices are rising in the Midlands and North but falling in London and the South and may indicate the trend to come for the top half of the country. This is because London and the South are generally 12 months ahead of the rest. Demand seems to have fallen but this could be something to do with first-time buyers not being able to afford to get on the ladder. This, in turn, creates a lack of 'new blood' into the housing market and people are caught up in endless chains. This could also be the reason houses are taking longer to sell. But, consumer confidence is rising and so is the stock market. With this and low interest rates, in addition to the summer, who knows what will happen over the next few months. Learn more about mortgages and property in our site Mortgage Crazy.com. Search our news archive for others news on mortgages and property.