For the last 18 months, the prices of houses have failed to rise and it is expected that with the economy, and its current weak state, that prices are going to be driven down even further. This speculation has come out from a study conducted by Hometrack, the property analyst.
The only part of the country that is expected to buck this trend is London, and with the Olympics being held in the capital this year it is expected that overseas buyers are going to look at buying property in the city. It also has the advantage that many people view London as a safe haven from the crisis occurring in the Eurozone.
The study showed that in the first month of the year there were around 10 percent fewer buyers registering when compared with the previous month of December. As well as this, nearly 15 percent fewer sales have been agreed and there was a reduction in listed properties by over five percent.
In January the prices of houses remained flat after a slight average decrease through November and December. The survey was conducted on 1500 estate agents as well as surveyors and it showed that London was the only city where prices increased, although this was just by 0.1 percent. The North East saw the greatest fall in the value of property with a drop of 0.4 percent.
Properties in London sell the fastest in the UK, with a property remaining on the market for just over six weeks on average. This is a significant contrast to the north of the country, Wales and the Midlands were houses remain on the market for an average of three months. In the last six months, the number of homes coming onto the market has shrunk by nearly 8 percent.
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