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Market Update from Hometrack

Monthly National Housing Survey

Results at a glance: http://www.hometrack.co.uk/

Prices fell 0.1% in July - the last month on month price fall was in April 2009 when prices fell by -0.3%
The decline in demand is in part seasonal but the underlying trend for the last 5 months has been downwards
Concerns over the economy and talk of impending spending cuts have taken their toll on market confidence and levels of demand
The change in market conditions has seen the average time on the market rise to 8.7 weeks - up from 8.4 weeks in June. The average time on the market has returned to August 2009 levels
The proportion of the asking price being achieved has dropped to 94% from 94.3% in June and looks set to decline further as pricing comes under pressure
The one positive from the survey is that the volume of sales agreed increased by 3.7%. Despite this agents are marking prices lower as they see rising supply and faltering demand putting prices under downward pressure over the remainder of 2010

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